Question
The selling price, cost price and marked price of a bag are
in the ratio 7:5:10. If the profit is Rs. 800, calculate the discount allowed on the marked price.Solution
ATQ,
Let the selling price, cost price and marked price be Rs. 7x, Rs. 5x and Rs. 10x respectively
According to the question,
Profit earned = 7x – 5x = Rs. 2x
Therefore, 2x = 800
Or, x = 400
Therefore, discount offered = 10x – 7x = 3x = 3 × 400 = Rs. 1200
A’s acceptance to B for Rs. 5,000 is discharged by a cash payment of Rs.3000 and a new bill is drawn for the balance plus Rs.100 for interest. The am...
A company follows the accrual basis of accounting and recognizes revenue when the goods are dispatched, not when cash is received. However, in its final...
V Ltd. sells Customer C a water purifier and maintenance service for 2 years for a total consideration of Rs 20,000. As per IND AS 115, determine how m...
In relation to Accounting Standards, Which of the following statement is incorrect?
A company has a standard direct material cost of ₹10 per unit. Actual cost incurred was ₹12 per unit for 1,000 units. 950 units were actually produc...
_______ is also known as General Ledger Adjustment Account.
Which of the following is an example of “tangible assets”?
To study the trends in a firm’s cost of goods sold (COGS), the analyst should standardize the cost of goods sold numbers to common size basis by divi...
If the fixed cost is Rs.43,500 and the company, the contribution is Rs.500 per unit, how many unit sales would a company need to do to earn a profit of ...
Project A has cash flows of ₹-10 lakh (initial), ₹3L, ₹4L, ₹5L over 3 years. Project B has the same initial investment but generates ₹6L, ₹4...
Relevant for Exams:
