Unit 2 Tax and Money Exchange
Unit 2 Tax and Money Exchange
Unit 2 Tax and Money Exchange
Exercise: 2.1
2. Calculate the price with VAT of the following cases:
e) M.P. = Rs.4,00,000, Profit = Rs.20,000, Discount = 10%, VAT =
13%
M.P
Solution:
- Discount
M.P. = Rs.400000 + Commission
S.P= M.P.- discount% of M.P.
Profit = Rs.20000
+ VAT
Discount = 10%
S.P. with VAT=S.P.+VAT% of S.P.
VAT = 13%
Price with VAT = ?
+ Commission
S.P. = M.P. – Discount S.P= M.P.- discount% of M.P.
= Rs.51480
S.P. with VAT = S.P. + VAT
= 396000 +51480
= Rs. 447480. Ans.
3. Calculate the Marked price of each of the following:
a) Solution:
Discount = 15%
VAT = 13%
Paid amount =Rs. 5763
PREPARED BY INDRA PRASAD MAHARJAN
M.P. =?
Let the M.P. be Rs.x
S.P. = M.P. – discount% of M.P
𝟏𝟓
= x - ×𝒙
𝟏𝟎𝟎
= x – 0.15x
= 0.85x
SP with VAT = SP + VAT% of SP
𝟏𝟑
Or, 5763 = 0.85x + ×0.85x
𝟏𝟎𝟎
Note: Under the present system the open market exchange rates quoted by different banks may differ
= 𝐑𝐬. 𝟗. 𝟑𝟖 × 𝟗, 𝟕𝟓𝟎
= 𝐑𝐬. 𝟗𝟏, 𝟒𝟓𝟓. Ans.
Or, 𝒙 = 𝟕𝟔. 𝟐𝟗
∴ 𝟕𝟔. 𝟐𝟗 𝑨𝒎𝒆𝒓𝒊𝒄𝒂𝒏 𝑫𝒐𝒍𝒍𝒂𝒓𝒔 𝒘𝒊𝒍𝒍 𝒃𝒆 𝒐𝒃𝒕𝒂𝒊𝒏𝒆𝒅 𝒇𝒓𝒐𝒎
𝟏𝟎𝟎 𝐂𝐚𝐧𝐚𝐝𝐢𝐚𝐧 𝐃𝐨𝐥𝐥𝐚𝐫𝐬. Ans.
5(d) A project was contracted with total amount of Chinese Yuan 10,00,000.
After 10% devaluation of Nepali rupee, how much should the contractor
add to complete the contract?
Solution:
∴ 𝐂𝐡𝐢𝐧𝐞𝐬𝐞 𝐘𝐮𝐚𝐧 𝟏𝟎, 𝟎𝟎, 𝟎𝟎𝟎 = 𝐑𝐬. 𝟏𝟓. 𝟓𝟖 × 𝟏𝟎, 𝟎𝟎, 𝟎𝟎𝟎
PREPARED BY INDRA PRASAD MAHARJAN
= 𝐑𝐬. 𝟏, 𝟓𝟓, 𝟖𝟎, 𝟎𝟎𝟎
𝐀𝐟𝐭𝐞𝐫 𝟏𝟎% 𝐝𝐞𝐯𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐍𝐞𝐩𝐚𝐥𝐢 𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲,
Chinese Yuan 1 = Rs. 15.58+10% of Rs. 15.58
= Rs. 17.138
∴ 𝐂𝐡𝐢𝐧𝐞𝐬𝐞 𝐘𝐮𝐚𝐧 𝟏𝟎, 𝟎𝟎, 𝟎𝟎𝟎 = 𝐑𝐬. 𝟏𝟕. 𝟏𝟑𝟖 × 𝟏𝟎, 𝟎𝟎, 𝟎𝟎𝟎
= 𝐑𝐬. 𝟏, 𝟕𝟏, 𝟑𝟖, 𝟎𝟎𝟎.
Hence the contractor needs to add Rs.(𝟏, 𝟕𝟏, 𝟑𝟖, 𝟎𝟎𝟎 − 𝟏, 𝟓𝟓, 𝟖𝟎, 𝟎𝟎𝟎)
6(a) A laptop was bought at Canadian $770. If the tax of 20% and 13%
VAT should be paid, find the least selling price of it in Nepali rupee
that prevents the shopkeeper from loss.
Solution:
S. P. = 17000 IC
Profit = 20%
∴ 𝑪. 𝑷. +𝟐𝟎% 𝒐𝒇 𝑪. 𝑷. = 𝑺. 𝑷.
𝟐𝟎𝑪.𝑷.
Or, 𝑪. 𝑷. + = 𝟏𝟕𝟎𝟎𝟎
𝟏𝟎𝟎
𝟏𝟐𝟎𝑪.𝑷.
Or, = 𝟏𝟕𝟎𝟎𝟎
𝟏𝟎𝟎
𝟏𝟕𝟎𝟎𝟎×𝟏𝟎𝟎
Or, 𝑪. 𝑷. =
𝟏𝟐𝟎
Or, 𝑪. 𝑷. = 𝟏𝟒𝟏𝟔𝟔. 𝟔𝟕 𝐈𝐂
= 𝟏𝟒𝟏𝟔𝟔. 𝟔𝟕 + 3541.67
= 𝟏𝟕𝟕𝟎𝟖. 𝟑𝟑 I.C.
1 I. C. = Rs. 1.60
∴ 𝟏𝟕𝟕𝟎𝟖. 𝟑𝟑 𝐈. 𝐂. = 𝟏𝟕𝟕𝟎𝟖. 𝟑𝟑 × 𝟏. 𝟔𝟎
= 𝐑𝐬. 𝟐𝟖𝟑𝟑𝟑. 𝟑𝟒