ML Aggarwal Solution Class 10 Chapter 1 Value Added Tax MCQs

MCQs

A retailer purchases a fan for ₹ 1200 from a wholesaler and sells it to a consumer at 15% profit. If the rate of sales tax (under VAT) at every stage is 8%, then choose the correct answer from the given four options for questions 1 to 5 :

Question 1

The selling price of the fan by the retailer (excluding tax) is
(a) ₹ 1200
(b) ₹ 1380
(c) ₹ 1490.40
(d) ₹ 11296
Sol :

Cost price of a fan = ₹ 1200

Profit = 15%

∴ Sale price = C.P. ×(100+ Profit %)100

=₹1200×(100+15)100

=₹1200×115100=₹1380

Ans : (b)


Question 2

VAT paid by the wholesaler is
(a) ₹ 96
(b) ₹ 14.40
(c) ₹ 110.40
(d) ₹ 180

Sol :

Rate of VAT =8%

∴ VAT paid by wholesaler =₹1200×8100

= ₹ 96 

Ans : (a)


Question 3

VAT paid by the retailer
(a) ₹ 180
(b) ₹ 110.40
(c) ₹ 96
(d) ₹ 14.40
Sol :

VAT deducted by the retailer =₹1380×8100

VAT paid by wholesalers = ₹ 96 .

Net VAT paid by his = ₹ 110.40 – 96.00

= ₹14.40

Ans : (d)


Question 4

VAT collected by the Government on the sale of fan is
(a) ₹14.40
(b) ₹96
(c) ₹110.40
(d) ₹180
Sol :

VAT collected by the govt, on the sale of fan=₹11040100
= ₹110.40
Ans : (c)

Question 5

The cost of the fan to the consumer inclusive of tax is
(a) ₹1296
(b) ₹1380
(c) ₹1310.40
(d) ₹1490.40
Sol :

Cost of fan to the consumer inclusive tax

= ₹1380 + 110.40

= ₹ 1490.40 (d)


A shopkeeper bought a TV from a distributor at a discount of 25% of the listed price of ₹ 32000. The shopkeeper sells the TV to a consumer at the listed price. If the sales tax (under VAT) is 6% at every stage, then choose the correct answer from the given four options for questions 6 to 8 :


Question 6

VAT paid by the distributor is
(a) ₹1920
(b) ₹1400
(c) ₹480
(d) ₹8000

Sol :

List price of T.V. set = ₹32000

Discount = 25%

Rate of VAT = 6%

Sale price =₹32000×(100−25100)

=₹32000×75100=₹24000

VAT paid by the distributor =₹24000×6100

= ₹1440

Ans : (b)


Question 7

VAT paid by the shopkeeper is
(a) ₹480
(b) ₹1440
(c) ₹1920
(d) ₹8000

Sol :

Total VAT charged by the shopkeeper

=₹32000×6100

= ₹1920

VAT already paid by distributor = ₹ 1440

Net VAT paid by shopkeeper

= ₹1920 – ₹1440

= ₹480 

Ans : (a)


Question 8

The cost of the TV to the consumer inclusive of tax is
(a) ₹8000
(b) ₹32000
(c) ₹33920
(d) none of these
Sol :

Cost of T.V. to the consumer inclusive of VAT = ₹32000 + 1920

= ₹33920

Ans : (c)


A wholesaler buys a computer from a manufacturer for ₹ 40000. He marks the price of the computer 20% above his cost price and sells it to a retailer at a discount of 10% on the marked price. The retailer sells the computer to a consumer at the marked price. If the rate of sales tax (under VAT) is 10% at every stage, then choose the correct answer from the given four options for questions 9 to 15 :


Question 9

The marked price of the computer is
(a) ₹40000
(b) ₹48000
(c) ₹50000
(d) none of these

Sol : 

C.R of computer for manufacturer = ₹40000

After marking 20% above the C.R, the price

=₹40000×100+20100

=₹40000×120101

= ₹48000 
Ans :(b)


Question 10

Cost of the computer to the retailer (excluding tax) is
(a) ₹36000
(b) ₹40000
(c) ₹43200
(d) ₹47520

Sol :

Rate of discount = 10%

∴ Sales price after discount

=₹48000×100−10100

=₹48000×90100

= ₹43200 (c)


Question 11

Cost of the computer to the retailer inclusive of tax is
(a) ₹47520
(b) 43200
(c) 44000
(d) none of these

Sol :

Rate of sales tax (VAT) = 10%

Sales tax charged =₹43200×10100

= ₹4320

Cost price of T.V. including S.T.

= ₹43200 + ₹4320

= ₹47520

Ans : (a)


Question 12

VAT paid by the manufacturer is
(a) ₹4000
(b) ₹4320
(c) ₹320
(d) none of these

Sol :

VAT paid by the manufacturer

=₹40000×10100

= ₹4000 

Ans : (a)


Question 13

VAT paid by the wholesaler is
(a) ₹4000
(b) ₹4320
(c) ₹320
(d) ₹480
Sol :

VAT paid by the wholesaler =₹43200×1010

= ₹4320

VAT already paid = ₹4000

Net VAT paid by = ₹4320 – ₹4000

= ₹320

Ans : (c)


Question 14

VAT paid by the retailer is
(a) ₹4000
(b) ₹4320
(c) ₹320
(d) ₹480

Sol :

VAT paid by retailer =48000×10100=₹4800

VAT already paid = ₹4320

Net VAT to be paid = ₹4800 – 4320

= ₹480

Ans : (d)


Question 15

Consumer’s cost price inclusive of VAT is
(a) ₹47520
(b) ₹48000
(c) ₹52800
(d) ₹44000

Sol :

Sale price to consumer = ₹4800

VAT paid by the consumer =₹48000×10100

= ₹4800

Consumers cost price inclusive of VAT = ₹48000 + ₹4800

= ₹52800 

Ans : (c)

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