Question

Supplied good costing rupees 12000 to Peter is used in voice at 10 % above cost less 5% discount

Answer 1

Peter A/C. Dr. Rs.12,540

To Sales A/C. Rs.12,540

(Being goods sold to Peter)

Cost = Rs.12,000

Profit = 10%(12,000) = 1200

Selling price = Rs.12,000 +Rs 1200

= Rs.13,200

Invoice price = Rs 13,200- 5%(13,200)

Rs.13,200 - Rs.660 = Rs.12,540