Sold goods to alam costing rs 60000 at a profit of 20% on sales less 10% trade discount and charged 8% GST
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Cr. (Salary S6IV. From the following particulars prepare the Trading Accountand Profit & Loss Account for the year ended 31st December,102012 and …
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let the sale price be X
profit is 20%(X)
cost price+profit = sale price
Rs . 60,000 + 20% X = X
X - 20% X = Rs. 60,000
0.8X = Rs. 60,000
X = sale price = Rs 75.000
Trade Discount = 10% ( Rs. 75,000 ) = Rs.7500
Agreed price = Rs. 75,000- Rs.7500 = Rs.67.500
CGST @ 8%= Rs. ( 67.500) 8% = 5400
SGST = CGST = Rs. 5400
invoice price = Agreed price + GST = Rs. 78,300
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