Sachin and virat started a company in which sachin invested rs. 700000 and virat invested rs. 800000. Sachin is the working partner and draws a fixed monthly salary of rs. 20000 (which he draws from the revenues of the company). Virat only offers consultancy services to the business and charges 15 % of the profit earned by the company. The revenue made by the company at the end of its first year is rs. 3500000. The profit made by the company is 30 percent of its revenues. What is the difference between the amount earned by sachin and virat at the end of the first year (in rs.)
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Net sales is what remains after all returns, allowances and sales discounts have been subtracted from gross sales.
For example, if a company has gross sales of $100,000, sales returns of $5,000, sales allowances of $3,000 and discounts of $2,000, the net sales are calculated like this:
$100,000 Gross Sales – $5,000 Sales Returns – 3,000 Sales Allowances – $2,000 Discounts = $90,000 Net Sales
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