All questions
- Rs 1000 is invested at 10 percent simple interest. Check at the end of every year if the total interest amount is in A.P. If this is an A.P. then find interest amount after 20 years. For this complete the following activity. Answer: Yes, the interest amounts are in A.P.; interest after 20 years = ₹ 2000 After 1 year: 1000 × 10 × 1/100 = 100 . After 2 years: 200.... 1
- ‘Pawan Medical’ supplies medicines. On some medicines the rate of GST is 12%, then what is the rate of CGST and SGST ? Answer: CGST = 6% and SGST = 6% GST is shared equally between the Centre and the State, so each is half of 12%: CGST = 12/2 = 6% , SGST = 12... 1
- On certain article if rate of CGST is 9% then what is the rate of SGST? and what is the rate of GST? Answer: SGST = 9% and GST = 18% CGST and SGST are always equal, so SGST = 9%. GST = CGST + SGST = 9% + 9% = 18% 1
- 'M/s. Real Paint' sold 2 tins of lustre paint and taxable value of each tin is ₹ 2800. If the rate of GST is 28%, then find the amount of CGST and SGST charged in the tax invoice. Answer: CGST = ₹ 784 and SGST = ₹ 784 Taxable value of 2 tins = 2 × 2800 = ₹ 5600 GST 28% is split as CGST 14% and SGST 14%. CGST = 5600 × 1... 1
- The taxable value of a wrist watch belt is ₹ 586. Rate of GST is 18%. Then what is price of the belt for the customer? Answer: ₹ 691.48 GST = 586 × 18/100 = ₹ 105.48 Price for the customer = taxable value + GST = 586 + 105.48 = ₹ 691.48 (CGST = SGST = ₹ 52.74... 1
- The total value (with GST) of a remote-controlled toy car is ₹ 1770. Rate of GST is 18% on toys. Find the taxable value, CGST and SGST for this toy-car. Answer: Taxable value = ₹ 1500, CGST = ₹ 135, SGST = ₹ 135 Let the taxable value be ₹ x . Then total value = x + 18% of x = 1.18x . 1.18x =... 1
- Tiptop Electronics supplied an AC of 1.5 ton to a company. Cost of the AC is ₹ 51,200 (with GST). Rate of CGST on AC is 14%. Find rate of SGST, rate of GST, taxable value, total GST, CGST and SGST as in the tax invoice. Answer: (1) 14% (2) 28% (3) ₹ 40,000 (4) ₹ 11,200 (5) ₹ 5600 (6) ₹ 5600 (1) SGST rate = CGST rate = 14%. (2) GST rate = 14% + 14% = 28%. (3)... 1
- Prasad purchased a washing-machine from 'Maharashtra Electronic Goods'. The discount of 5% was given on the printed price of ₹ 40,000. Rate of GST charged was 28%. Find the purchase price of washing machine. Also find the amount of CGST and SGST. Answer: Purchase price = ₹ 48,640; CGST = ₹ 5320 and SGST = ₹ 5320 Discount = 5% of 40000 = ₹ 2000 , so taxable value = 40000 - 2000 = ₹ 38,... 1
- 'Chetana Store' paid total GST of ₹ 1,00,500 at the time of purchase and collected GST ₹ 1,22,500 at the time of sale during 1st of July 2017 to 31st July 2017. Find the GST payable by Chetana Stores. Answer: GST payable = ₹ 22,000 GST paid on purchase is the input tax (ITC); GST collected on sale is the output tax. GST payable = output ta... 1
- Nazama is a proprietor of a firm, registered under GST. She has paid GST of ₹ 12,500 on purchase and collected ₹ 14,750 on sale. What is the amount of ITC to be claimed? What is the amount of GST payable? Answer: ITC = ₹ 12,500; GST payable = ₹ 2250 The GST paid on purchase can be claimed as Input Tax Credit, so ITC = ₹ 12,500. GST payable = o... 1
- Amir Enterprise purchased chocolate sauce bottles and paid GST of ₹ 3800. He sold those bottles to Akbari Bros. and collected GST of ₹ 4100. Mayank Food Corner purchased these bottles from Akabari Bros and paid GST of ₹ 4500. Answer: Amir Enterprise pays GST ₹ 300 (CGST ₹ 150, SGST ₹ 150); Akbari Bros. pay GST ₹ 400 (CGST ₹ 200, SGST ₹ 200) Amir Enterprise: output... 1
- Malik Gas Agency (Chandigarh Union Territory) purchased gas cylinders for ₹ 24,500 and sold them to local customers for ₹ 26,500. Find the GST to be paid at the rate of 5% and hence the CGST and UTGST to be paid. Answer: GST payable = ₹ 100; CGST = ₹ 50 and UTGST = ₹ 50 Output tax = 5% of 26500 = ₹ 1325 Input tax (ITC) = 5% of 24500 = ₹ 1225 GST payab... 1
- M/s Beauty Products paid 18% GST on cosmetics worth ₹ 6000 and sold to a customer for ₹ 10,000. What are the amounts of CGST and SGST shown in the tax invoice issued? Answer: CGST = ₹ 900 and SGST = ₹ 900 The tax invoice issued to the customer is for the sale of ₹ 10,000. GST = 10000 × 18/100 = ₹ 1800 CGST... 1
- Prepare Business to Consumer (B2C) tax invoice: Mobile Battery ₹ 200, GST 12%, HSN 8507, 1 pc; Headphone ₹ 750, GST 18%, HSN 8518, 1 pc. (Supplier name, address, date, GSTIN etc. as per your choice.) Answer: Total taxable value ₹ 950, CGST ₹ 79.50, SGST ₹ 79.50, total invoice value ₹ 1109 Supplier details (name, address, state, GSTIN, inv... 1
- Prepare Business to Business (B2B) Tax Invoice: Pencil boxes 100, HSN 3924, Rate ₹ 20, GST 12%; Jigsaw Puzzles 50, HSN 9503, Rate ₹ 100, GST 12%. (Supplier and recipient details as per your choice.) Answer: Taxable value ₹ 7000, CGST ₹ 420, SGST ₹ 420, total invoice value ₹ 7840 Supplier and recipient details (name, address, state, GSTIN... 1
- Complete the following table: (1) FV ₹ 100, share at par, MV = ?; (2) FV = ?, share at premium ₹ 500, MV ₹ 575; (3) FV ₹ 10, share is at ?, MV ₹ 5. Answer: (1) MV = ₹ 100 (2) FV = ₹ 75 (3) at discount of ₹ 5 (1) At par means MV = FV, so MV = ₹ 100. (2) MV = FV + premium, so FV = 575 - 50... 1
- Mr.Amol purchased 50 shares of Face Value ₹ 100 when the Market value of the share was ₹ 80. Company had given 20% dividend. Find the rate of return on investment. Answer: Rate of return = 25% Sum invested = 50 × 80 = ₹ 4000 Dividend is on face value: per share = 20% of 100 = ₹ 20 ; total = 50 × 20 = ₹... 1
- Joseph purchased following shares, Find his total investment. Company A : 200 shares, FV = ₹ 2, Premium = ₹ 18. Company B : 45 shares, MV = ₹ 500. Company C : 1 share, MV = ₹ 10,540. Answer: Total investment = ₹ 37,040 Company A: MV = 2 + 18 = ₹ 20 ; investment = 200 × 20 = ₹ 4000 Company B: 45 × 500 = ₹ 22,500 Company C:... 1
- Smt. Deshpande purchased shares of FV ₹ 5 at a premium of ₹ 20. How many shares will she get for ₹ 20,000? Answer: 800 shares MV = FV + premium = 5 + 20 = ₹ 25 Number of shares = 20000/25 = 800 1
- Shri Shantilal has purchased 150 shares of FV ₹ 100, for MV of ₹ 120. Company has paid dividend at 7%. Find the rate of return on his investment. Answer: Rate of return ≈ 5.83% Sum invested = 150 × 120 = ₹ 18,000 Dividend per share = 7% of 100 = ₹ 7 ; total = 150 × 7 = ₹ 1050 Rate of r... 1
- If the face value of both the shares is same, then which investment out of the following is more profitable? Company A : dividend 16%, MV = ₹ 80, Company B : dividend 20%, MV = ₹ 120. Answer: Investment in Company A is more profitable Take the same face value, say ₹ 100, for both. Company A: dividend per share = ₹ 16 on an... 1
- Market value of a share is ₹ 200. If the brokerage rate is 0.3%, then find the purchase value of the share. Answer: Purchase value = ₹ 200.60 Brokerage = 0.3/100 × 200 = ₹ 0.60 . While purchasing, brokerage is added to the market value: purchase va... 1
- A share is sold for the market value of ₹ 1000. Brokerage is paid at the rate of 0.1%. What is the amount received after the sale? Answer: ₹ 999 Brokerage = 0.1% of 1000 = ₹ 1 At the time of selling, brokerage is subtracted from MV: 1000 - 1 = ₹ 999 1
- Fill in the blanks in the contract note (B - buy, S - sell): 100 shares bought at MV ₹ 45 and 75 shares sold at MV ₹ 200; brokerage 0.2%, 9% CGST and 9% SGST on brokerage. Find total value, brokerage, CGST, SGST and total value of shares. Answer: Buy: ₹ 4500, ₹ 9, ₹ 0.81, ₹ 0.81, ₹ 4510.62. Sell: ₹ 15000, ₹ 30, ₹ 2.70, ₹ 2.70, ₹ 14964.60 100 shares bought at ₹ 45: Total value... 1