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Q-2) A shopkeeper bought a radio from a wholesaler for Rs.250/-.

In addition, he paid a
sales tax of 15% on the cost price. He then sold the radio for Rs.315/-. Calculate the cash
profit made by the shopkeeper?
a) Rs. 65.00
b) Rs. 27.50
c) Rs. 102.50
d) Rs. 50.00
Answer:

b) Rs. 27.50

Solution:
Purchase Price = Rs. 250/Sales Tax Paid = 15% on Purchase Price
Sales Tax = 15% of 250
Sales Tax = (15/100) x 250
Sales Tax = Rs. 37.50
So
Actual Purchase (Cost) Price = C.P. = 250 + 37.50 = Rs. 287.50
Sale Price = S.P. = 315 Rs.
Profit = ?
We know that
Profit = S.P. - C.P.
Profit = 315 - 287.50
Profit = 27.50 Rs. Answer