Profit And Loss
Comparing Quantities of Class 7
In big shops and departmental stores, every article is tagged with a card and its price is written on it. This is called the marked price of that article, abbreviated as MP.
In order to increase the sale or clear the stock, sometimes the shopkeepers offer a certain percentage of rebate on the marked price, This rebate is known as discount.
Sometimes, after purchasing an article, we have to pay some more money for things like transportation, labour charges, preparing charges, local taxes, etc. For calculating the total cost price, we add overheads to the purchase price.
SALES TAX / VALUE ADDED TAX
- This sales tax is charged by the government on the sale of an item.
- It is collected by the shopkeeper from the customer and given to the government.
- This is, therefore, always on the selling price of an item and is added to the value of the bill.
- These days however, the prices include the tax known as Value Added Tax (VAT).
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