Class 8 RD Sharma Solutions - Chapter 13 Profit Loss Discount And Value Added Tax - Exercise 13.2 | Set 1

Understanding financial concepts such as profit, loss, discount and Value Added Tax (VAT) is crucial for the managing personal finances and conducting business transactions. These concepts help us determine the actual cost of goods the impact of discounts and final selling price after applying taxes. In this article, we will explore Exercise 13.2 from Chapter 13 of RD Sharma’s Class 8 textbook in which deals with the practical problems involving these financial concepts.

Profit, Loss, Discount and Value Added Tax

The Profit is the gain made when the selling price of an item is higher than its cost price. Loss occurs when the selling price is less than the cost price. The Discount is a reduction from the original selling price usually given to the encourage purchases. The Value Added Tax (VAT) is a type of indirect tax added to the price of goods and services at each stage of production or distribution. Together, these concepts form the foundation of the pricing and cost calculations in the business and everyday transactions.

Question 1: Find the S.P. if M.P. = Rs 1300 and Discount = 10%

Solution:

Using Formula S.P = (M.P * (100 - Discount%))/100

Hence, S.P = Rs (1300 * (100 - 10))/100

                  = Rs (1300 * 90)/100

                  = Rs 1170

Question 2: Find the S.P. if M.P. = Rs 500 and Discount = 15% 

Solution:

Using Formula, S.P = (M.P * (100 - Discount%))/100

Hence, S.P = Rs (500 * (100 - 15))/100

                  = Rs ((500 * 85))/100

                  = Rs 425       

Question 3: Find the M.P. if S.P. = Rs 1222 and Discount = 6% 

Solution:

Using Formula, M.P = (S.P * 100)/(100 - Discount%)

Hence, M.P = Rs (1222 * 100)/(100 - 6)                

                   = Rs (1222 * 100)/94

                   = Rs 1300

Question 4: Find the M.P. if S.P. = Rs 495 and Discount = 1%

Solution:

Using Formula, M.P = (S.P * 100)/(100 - Discount%)

Hence, M.P = Rs (495 * 100)/(100 - 1)

                   = Rs (495 * 100)/99

                   = Rs 500

Question 5: Find discount in percent when M.P. = Rs 900 and S.P = Rs 873 

Solution :

Using Formula, Discount% = ((M.P - S.P) * 100)/M.P

Hence, Discount% = (((900 - 873) * 100)/900)%

                               = ((27 * 100)/900)%

                               = 3%

Question 6: Find discount in percent when M.P. = Rs 500 and S.P. = Rs 425 

Solution:

Using Formula, Discount% = ((M.P - S.P) * 100)/M.P            

Hence, Discount% = (((500 - 425) * 100)/500)%

                                = ((75 * 100)/500)%

                                = 15%

Question 7: A shop selling sewing machines offers 3% discount on all cash purchases. What cash amount does a customer pay for a sewing machine (correct up to two decimal places) the price of which is marked as Rs 650.

Solution:

Here, M.P of sewing machine = Rs 650

         Discount% = 3%

To find, S.P of sewing machine.

Using Formula, S.P = (M.P * (100 - Discount%))/100

Hence, S.P of sewing machine = Rs(650 * (100 - 3))/100

                                                   = Rs (650 * 97)/100

                                                   = Rs 630.50

Question 8: The marked price of a ceiling fan is Rs 720. During offseason, it is sold for Rs 684. Determine the discount percentage.       

Solution:  

Here, M.P of ceiling fan = Rs 720

         S.P of ceiling fan = Rs 684

To find, Discount%

Using Formula, Discount% = ((M.P - S.P) * 100)/M.P

Hence, Discount% = (((720 - 684) * 100)/720)%

                               = ((36 * 100)/720)% 

                               = 5%

Question 9: On the eve of Gandhi Jayanti a saree is sold for Rs 720 after allowing 20% discount. What is its marked price?

Solution:

Here, S.P of saree = Rs 720

          Discount% = 20%

To find M.P of saree

Using Formula,  M.P = (S.P * 100)/(100 - Discount%)

Hence, M.P of saree = Rs (720 * 100)/(100 - 20)

                                 = Rs (720 * 100)/80

                                 = Rs 900

Question 10: After allowing a discount of 7.50% on the marked price, an article is sold for Rs 555. Find its marked price.

Solution:

Here, S.P of article = Rs 555

          Discount% = 7.50%

Using Formula, M.P = (S.P * 100)/(100 - Discount%)

Hence, M.P of article = Rs (555 * 100)/(100 - 7.50)

                   = Rs (555 * 100)/92.50

                   = Rs 600

Question 11: A shopkeeper allows his customers 10% off on the marked price of goods and still gets a profit of 25%. What is the actual cost to him of an article marked Rs 250?

Solution:

Here, M.P of goods = Rs 250

          Discount% given to customer = 10%

          Profit% earned by shopkeeper = 25%

To find C.P of goods.

Using Formula, S.P = (M.P * (100 - Discount%))/100

Hence, S.P of goods = Rs (250*(100 - 10))/100

                                 = Rs (250 * 90)/100

                                 = Rs 225

Using Formula, C.P = (S.P * 100)/(100 + Profit%)

Hence, C.P of goods = Rs (225 * 100)/(100 + 25)

                                 = Rs (225 * 100)/125

                                 = Rs 180  

Question 12: A shopkeeper allows 20% off on the marked price of goods and still gets a profit of 25%. What is the actual cost to him of an article marked Rs 500?

Solution:

Here, M.P of goods = Rs 500

         Discount% given to customer = 20%

         Profit% earned by shopkeeper = 25%

To find C.P of goods.

Using Formula, S.P = (M.P * (100 - Discount%))/100

Hence, S.P of goods = Rs (500 * (100 - 20))/100

                                = Rs (500 * 80)/100

                                = Rs 400

Using Formula, C.P = (S.P * 100)/(100 + Profit%)

Hence, C.P of goods = Rs (400 * 100)/(100 + 25)

                                = Rs (400 * 100)/125

                                = Rs 320

Question 13: A tradesman marks his goods at such a price after allowing a discount of 15%, he makes a profit of 20%. What is the marked price of an article whose cost price is Rs 170?

Solution:

Here, C.P of the article = Rs 170

          Discount% = 15%

          Profit% earned by tradesman = 20%

To find M.P of the article.

Using Formula, S.P = (C.P * (100 + Profit%))/100

Hence, S.P of the article = Rs (170 * (100 + 20))/100

                                      = Rs (170 * 120)/100

                                      = Rs 204

Using Formula, M.P = (S.P * 100)/(100 - Discount%)

Hence, M.P of the article = Rs (204 * 100)/(100 - 15)

                                       = Rs (204 * 100)/85

                                       = Rs 240

Chapter 13 Profit Loss Discount And Value Added Tax - Exercise 13.2 | Set 2

Conclusion

Mastering the calculations of profit, loss, discount and VAT is essential for the making informed financial decisions. By practicing problems from the exercises like Exercise 13.2 students can enhance their understanding of these concepts and apply them effectively in the real-world scenarios. The ability to calculate these factors accurately ensures the better financial management and informed decision-making.