Algebra · Textbook solutions

Financial Planning

Every solved example, exercise, and miscellaneous question — in the order the textbook teaches them. · 77 questions

Tax Invoice

3 q

Solved Examples

Worked · 3
  1. Tax Invoice SolvedEx.1
    Arati Gas Agency supplied LPG cylinder to the consumer for taxable value of ₹ 545. GST charged is 5%. What is the amount of CGST and SGST in the tax invoice ? What is the total amount paid by the consumer ? Find the amount of GST to be paid by Arati Gas Agency.
  2. Tax Invoice SolvedEx.2
    Courier service agent charged total ₹ 590 to courier a parcel from Nashik to Nagpur. In the tax invoice taxable value is ₹ 500 on which CGST is ₹ 45 and SGST is ₹ 45. Find the rate of GST charged for this service.
  3. Tax Invoice SolvedEx.3
    Shreekar bought a Laptop with 10% discount on printed price. The printed price of that Laptop was ₹ 50,000. 18% GST was charged on discounted price. Find the amount of CGST and SGST. What amount did Shreekar pay ?

Practice set 4.1

7 q
  1. Ex 4.1 Q.1
    'Pawan Medical' supplies medicines. On some medicines the rate of GST is 12%, then what is the rate of CGST and SGST ?
  2. Ex 4.1 Q.2
    On certain article if rate of CGST is 9% then what is the rate of SGST ? and what is the rate of GST ?
  3. Ex 4.1 Q.3
    'M/s. Real Paint' sold 2 tins of lustre paint and taxable value of each tin is ₹ 2800. If the rate of GST is 28%, then find the amount of CGST and SGST charged in the tax invoice.
  4. Ex 4.1 Q.4
    The taxable value of a wrist watch belt is ₹ 586. Rate of GST is 18%. Then what is price of the belt for the customer ?
  5. Ex 4.1 Q.5
    The total value (with GST) of a remote-controlled toy car is ₹ 1770. Rate of GST is 18% on toys. Find the taxable value, CGST and SGST for this toy-car.
  6. Ex 4.1 Q.6
    'Tiptop Electronics' supplied an AC of 1.5 ton to a company. Cost of the AC supplied is ₹ 51,200 (with GST). Rate of CGST on AC is 14%. Then find the following amounts as shown in the tax invoice of Tiptop Electronics. (1) Rate of SGST (2) Rate of GST on AC (3) Taxable value of AC (4) Total amount of GST (5) Amount of CGST (6) Amount of SGST
  7. Ex 4.1 Q.7
    Prasad purchased a washing-machine from 'Maharashtra Electronic Goods'. The discount of 5% was given on the printed price of ₹ 40,000. Rate of GST charged was 28%. Find the purchase price of washing machine. Also find the amount of CGST and SGST shown in the tax invoice.

GST Computation and ITC

4 q

Solved Examples

Worked · 4
  1. ITC SolvedEx.1
    Mr. Rohit is a retailer. He paid GST of ₹ 6500 at the time of purchase. He collected GST of ₹ 8000 at the time of sale. (i) Find his input tax and out put tax. (ii) What is his Input tax credit ? (iii) Find his payable GST. (iv) Hence find the payable CGST and payable SGST.
  2. ITC SolvedEx.2
    M/s. Jay Chemicals purchased a liquid soap having taxable value ₹ 8000 and sold it to the consumers for the taxable value ₹ 10,000. Rate of GST is 18%. Find the CGST and SGST payable by M/s. Jay Chemicals.
  3. ITC SolvedEx.3
    M/s. Jay Chemicals purchased a liquid soap for ₹ 8000 (with GST) and sold it to the consumers for ₹ 10,000 (with GST). Rate of GST is 18%. Find the amount of CGST and SGST to be paid by Jay Chemicals
  4. ITC SolvedEx.4
    Suppose a manufacturer sold a cycle for a taxable value of ₹ 4000 to the wholesaler. Wholesaler sold it to the retailer for ₹ 4800 (taxable value). Retailer sold it to a customer for ₹ 5200 (taxable value). Rate of GST is 12%. Complete the following activity to find the payable CGST and SGST at each stage of trading.

Practice set 4.2

7 q
  1. Ex 4.2 Q.1
    'Chetana Store' paid total GST of ₹ 1,00,500 at the time of purchase and collected GST ₹ 1,22,500 at the time of sale during 1st of July 2017 to 31st July 2017. Find the GST payable by Chetana Stores.
  2. Ex 4.2 Q.2
    Nazama is a proprietor of a firm, registered under GST. She has paid GST of ₹ 12,500 on purchase and collected ₹ 14,750 on sale. What is the amount of ITC to be claimed ? What is the amount of GST payable ?
  3. Ex 4.2 Q.3
    Amir Enterprise purchased chocolate sauce bottles and paid GST of ₹ 3800. He sold those bottles to Akbari Bros. and collected GST of ₹ 4100. Mayank Food Corner purchased these bottles from Akabari Bros and paid GST of ₹ 4500. Find the amount of GST payable at every stage of trading and hence find payable CGST and SGST.
  4. Ex 4.2 Q.4
    Malik Gas Agency (Chandigarh Union Territory) purchased some gas cylinders for industrial use for ₹ 24,500, and sold them to the local customers for ₹ 26,500. Find the GST to be paid at the rate of 5% and hence the CGST and UTGST to be paid for this transaction. (for Union Territories there is UTGST instead of SGST.)
  5. Ex 4.2 Q.5
    M/s Beauty Products paid 18% GST on cosmetics worth ₹ 6000 and sold to a customer for ₹ 10,000. What are the amounts of CGST and SGST shown in the tax invoice issued ?
  6. Ex 4.2 Q.6
    Prepare Business to Consumer (B2C) tax invoice using given information. Write the name of the supplier, address, state, Date, invoice number, GSTIN etc. as per your choice. Supplier : M/s - - - - - Address- - - - - State - - - - - Date - - - - - - - Invoice No. - - - - - GSTIN - - - - - - - - - - - - - - Particulars - Rate of Mobile Battery - ₹ 200 Rate of GST 12% HSN 8507, 1 pc. Rate of Headphone - ₹ 750 Rate of GST 18% HSN 8518, 1 pc.
  7. Ex 4.2 Q.7
    Prepare Business to Business (B2B) Tax Invoice as per the details given below. name of the supplier, address, Date etc. as per your choice. Supplier - Name, Address, State, GSTIN, Invoice No., Date Recipient - Name, Address, State, GSTIN, Items : (1) Pencil boxes 100, HSN - 3924, Rate - ₹ 20, GST 12% (2) Jigsaw Puzzles 50, HSN 9503, Rate - ₹ 100 GST 12%.

Sum Invested

2 q
  1. Sum Invested SolvedEx.1
    If 50 shares of FV ₹ 100 each are purchased for MV ₹ 120. Find the sum invested.
  2. Sum Invested SolvedEx.2
    If you want to purchase 50 shares of MV ₹ 50 each. What is the total amount to be paid ?

Rate of Return - RoR

6 q
  1. RoR SolvedEx.1
    Shriyash purchased a share of FV ₹ 100 for MV of ₹ 120. Company declared 15% dividend on the share. Find the rate of return.
  2. RoR SolvedEx.2
    FV = ₹ 100, premium = ₹ 65 then MV = ?
  3. RoR SolvedEx.3
    Complete the following table using given information.
    Sr.No.FVShare is atMV
    (i)₹ 10Premium of ₹ 7
    (ii)₹ 25₹ 16
    (iii)at par₹ 5
  4. RoR SolvedEx.4
    Neel has invested in shares as follows. Find his total investment. Company A : 350 shares, FV = ₹ 10, premium = ₹ 7 Company B : 2750 shares, FV = ₹ 5, Discount = ₹ 1. Company C : 50 shares, FV = ₹ 100, MV = ₹ 150.
  5. RoR SolvedEx.5
    Smita has invested ₹ 12,000 and purchased shares of FV ₹ 10 at a premium of ₹ 2. Find the number of shares she purchased. complete the given activity to get the answer.
  6. RoR SolvedEx.6
    If 50 shares of FV ₹ 10 were purchased for MV of ₹ 25. Company declared 30% dividend on the shares then find (1) Sum investment (2) Dividend received (3) Rate of return.

Practice set 4.3

6 q
  1. Ex 4.3 Q.1
    Complete the following table by writting suitable numbers and words.
    Sr.NoFVShare is atMV
    (1)₹ 100par. . .
    (2). . .premium ₹ 500₹ 575
    (3)₹ 10. . .₹ 5
  2. Ex 4.3 Q.2
    Mr.Amol purchased 50 shares of Face Value ₹ 100 when the Market value of the share was ₹ 80. Company had given 20% dividend. Find the rate of return on investment.
  3. Ex 4.3 Q.3
    Joseph purchased following shares, Find his total investment. Company A : 200 shares, FV = ₹ 2, Premium = ₹ 18. Company B : 45 shares, MV = ₹ 500 Company C : 1 share, MV = ₹ 10,540.
  4. Ex 4.3 Q.4
    Smt. Deshpande purchased shares of FV ₹ 5 at a premium of ₹ 20. How many shares will she get for ₹ 20,000 ?
  5. Ex 4.3 Q.5
    Shri Shantilal has purchased 150 shares of FV ₹ 100, for MV of ₹ 120. Company has paid dividend at 7%. Find the rate of return on his investment.
  6. Ex 4.3 Q.6
    If the face value of both the shares is same, then which investment out of the following is more profitable ? Company A : dividend 16%, MV = ₹ 80, Company B : dividend 20%, MV = ₹ 120.

Brokerage and taxes on share trading

5 q
  1. Brokerage SolvedEx.1
    Suppose if the face value of the share is ₹ 100 and market value is ₹ 150. Let the rate of brokerage be 0.5%. What amount should one pay for purchasing 100 such shares ? What amount should one receive after selling 100 such shares ?
  2. Brokerage SolvedEx.2
    As per Ex. (1) suppose a person has paid ₹ 15,075 for buying 100 shares. In that ₹ 75 is the brokerage. So the buyer has to pay 18% GST on ₹ 75. Let us find the amount of GST he paid to the broker and prepare the contract note.
  3. Brokerage SolvedEx.3
    Bashirkhan purchased 100 shares of MV ₹ 40. Brokerage paid at the rate of 0.5% and rate of GST on brokerage is 18%. Find the total amount he paid for the share purchase.
  4. Brokerage SolvedEx.4
    Pankajrao invested ₹ 1,25,295 in shares of FV ₹ 10 when MV is ₹ 125. Rate of brokerage is 0.2% and GST is 18%. Then find (1) How many shares were purchased. (2) the amount of brokerage paid and (3) GST paid for the trading.
  5. Brokerage SolvedEx.5
    Nalinitai invested ₹ 6024 in the shares of FV ₹ 10 when the Market Value was ₹ 60. She sold all the shares at MV of ₹ 50 after taking 60% dividend. She paid 0.4% brokerage at each stage of transactions. What was the total gain or loss in this transaction ?

Mutual Fund - MF

2 q

Solved Examples

Worked · 2
  1. MF SolvedEx.1
    If the total value of the mutual fund scheme is ₹ 200 crores and 8 crore units are issued then find the NAV of one unit.
  2. MF SolvedEx.2
    If NAV of one unit is ₹ 25, then how many units will be alloted for the investment of ₹ 10,000 ?

Practice set 4.4

5 q
  1. Ex 4.4 Q.1
    Market value of a share is ₹ 200. If the brokerage rate is 0.3% then find the purchase value of the share.
  2. Ex 4.4 Q.2
    A share is sold for the market value of ₹ 1000. Brokerage is paid at the rate of 0.1%. What is the amount received after the sale ?
  3. Ex 4.4 Q.3
    Fill in the blanks given in the contract note of sale-purchase of shares. (B - buy S - sell)
    No. of sharesMV of sharesTotal valueBrokerage 0.2%9% CGST on brokerage9% SGST on brokerageTotal value of shares
    100 B₹ 45
    75 S₹ 200
  4. Ex 4.4 Q.4
    Smt. Desai sold shares of face value ₹ 100 when the market value was ₹ 50 and received ₹ 4988.20. She paid brokerage 0.2% and GST on brokerage 18%, then how many shares did she sell ?
  5. Ex 4.4 Q.5
    Mr. D'souza purchased 200 shares of FV ₹ 50 at a premium of ₹ 100. He received 50% dividend on the shares. After receiving the dividend he sold 100 shares at a discount of ₹ 10 and remaining shares were sold at a premium of ₹ 75. For each trade he paid the brokerage of ₹ 20. Find whether Mr. D'souza gained or incurred a loss ? by how much ?

Problem set 4A

15 q
  1. Write the correct alternative for each of the following.
    PS4A Q.1(1)
    Rate of GST on essential commodities is . . .
    1. A.
      5%
    2. B.
      12%
    3. C.
      0%
    4. D.
      18%
  2. PS4A Q.1(2)
    The tax levied by the central government for trading within state is . . .
    1. A.
      IGST
    2. B.
      CGST
    3. C.
      SGST
    4. D.
      UTGST
  3. PS4A Q.1(3)
    GST system was introduced in our country from . . .
    1. A.
      31st March 2017
    2. B.
      1st April 2017
    3. C.
      1st January 2017
    4. D.
      1st July 2017
  4. PS4A Q.1(4)
    The rate of GST on stainless steel utensils is 18%, then the rate of State GST is . . .
    1. A.
      18%
    2. B.
      9%
    3. C.
      36%
    4. D.
      0.9%
  5. PS4A Q.1(5)
    In the format of GSTIN there are . . . alpha-numerals.
    1. A.
      15
    2. B.
      10
    3. C.
      16
    4. D.
      9
  6. PS4A Q.1(6)
    When a registered dealer sells goods to another registered dealer under GST, then this trading is termed as . . .
    1. A.
      BB
    2. B.
      B2B
    3. C.
      BC
    4. D.
      B2C
  7. PS4A Q.2
    A dealer has given 10% discount on a showpiece of ₹ 25,000. GST of 28% was charged on the discounted price. Find the total amount shown in the tax invoice. What is the amount of CGST and SGST ?
  8. PS4A Q.3
    A ready-made garment shopkeeper gives 5% discount on the dress of ₹ 1000 and charges 5% GST on the remaining amount, then what is the purchase price of the dress for the customer ?
  9. PS4A Q.4
    A trader from Surat, Gujarat sold cotton clothes to a trader in Rajkot, Gujarat. The taxable value of cotton clothes is ₹ 2.5 lacs. What is the amount of GST at 5% paid by the trader in Rajkot ?
  10. PS4A Q.5
    Smt. Malhotra purchased solar panels for the taxable value of ₹ 85,000. She sold them for ₹ 90,000. The rate of GST is 5%. Find the ITC of Smt. Malhotra. What is the amount of GST payable by her ?
  11. PS4A Q.6
    A company provided Z-security services for the taxable value of ₹ 64,500. Rate of GST is 18%. Company had paid GST of ₹ 1550 for laundry services and uniforms etc. What is the amount of ITC (input Tax Credit) ? Find the amount of CGST and SGST payable by the company.
  12. PS4A Q.7
    A dealer supplied Walky-Talky set of ₹ 84,000 (with GST) to police control room. Rate of GST is 12%. Find the amount of state and central GST charged by the dealer. Also find the taxable value of the set.
  13. PS4A Q.8
    A wholesaler purchased electric goods for the taxable amount of ₹ 1,50,000. He sold it to the retailer for the taxable amount of ₹ 1,80,000. Retailer sold it to the customer for the taxable amount of ₹ 2,20,000. Rate of GST is 18%. Show the computation of GST in tax invoices of sales. Also find the payable CGST and payable SGST for wholesaler and retailer.
  14. PS4A Q.9
    Anna Patil (Thane, Maharashtra) supplied vacuum cleaner to a shopkeeper in Vasai (Mumbai) for the taxable value of ₹ 14,000, and GST rate of 28%. Shopkeeper sold it to the customer at the same GST rate for ₹ 16,800 (taxable value) Find the following - (1) Amount of CGST and SGST shown in the tax invoice issued by Anna Patil. (2) Amount of CGST and SGST charged by the shopkeeper in Vasai. (3) What is the CGST and SGST payable by shopkeeper in Vasai at the time of filing the return.
  15. PS4A Q.10
    For the given trading chain prepare the tax invoice I, II, III. GST at the rate of 12% was charged for the article supplied.
    StageTaxable value
    Wholesaler₹ 5000
    Distributor₹ 6000
    Retailer₹ 6500
    Consumer?
    (Tax invoice I is issued by the wholesaler to the distributor, tax invoice II by the distributor to the retailer and tax invoice III by the retailer to the consumer.) (1) Prepare the statement of GST payable under each head by the wholesaler, distributor and retailer at the time of filing the return to the government. (2) At the end what amount is paid by the consumer ? (3) Write which of the invoices issued are B2B and B2C ? [Note: marked ★ (challenging) in the textbook.]

Problem set 4B

15 q
  1. Write the correct alternative for the following questions.
    PS4B Q.1(1)
    If the Face Value of a share is ₹ 100 and Market value is ₹ 75, then which of the following statements is correct ?
    1. A.
      The share is at premium of ₹ 175
    2. B.
      The share is at discount of ₹ 25
    3. C.
      The share is at premium of ₹ 25
    4. D.
      The share is at discount of ₹ 75
  2. PS4B Q.1(2)
    What is the amount of dividend received per share of face value ₹ 10 and dividend declared is 50%.
    1. A.
      ₹ 50
    2. B.
      ₹ 5
    3. C.
      ₹ 500
    4. D.
      ₹ 100
  3. PS4B Q.1(3)
    The NAV of a unit in mutual fund scheme is ₹ 10.65 then find the amount required to buy 500 such units.
    1. A.
      5325
    2. B.
      5235
    3. C.
      532500
    4. D.
      53250
  4. PS4B Q.1(4)
    Rate of GST on brokerage is . . .
    1. A.
      5%
    2. B.
      12%
    3. C.
      18%
    4. D.
      28%
  5. PS4B Q.1(5)
    To find the cost of one share at the time of buying the amount of Brokerage and GST is to be . . . the MV of share .
    1. A.
      added to
    2. B.
      substracted from
    3. C.
      Multiplied with
    4. D.
      divided by
  6. PS4B Q.2
    Find the purchase price of a share of FV ₹ 100 if it is at premium of ₹ 30. The brokerage rate is 0.3%.
  7. PS4B Q.3
    Prashant bought 50 shares of FV ₹ 100, having MV ₹ 180. Company gave 40% dividend on the shares. Find the rate of return on investment.
  8. PS4B Q.4
    Find the amount received when 300 shares of FV ₹ 100, were sold at a discount of ₹ 30.
  9. PS4B Q.5
    Find the number of shares received when ₹ 60,000 was invested in the shares of FV ₹ 100 and MV ₹ 120.
  10. PS4B Q.6
    Smt. Mita Agrawal invested ₹ 10,200 when MV of the share is ₹ 100. She sold 60 shares when the MV was ₹ 125 and sold remaining shares when the MV was ₹ 90. She paid 0.1% brokerage for each trading. Find whether she made profit or loss ? and how much ?
  11. PS4B Q.7
    Market value of shares and dividend declared by the two companies is given below. Face Value is same and it is ₹ 100 for both the shares. Investment in which company is more profitable ? (1) Company A - ₹ 132 , 12% (2) Company B - ₹ 144, 16%
  12. PS4B Q.8
    Shri. Aditya Sanghavi invested ₹ 50,118 in shares of FV ₹ 100, when the market value is ₹ 50. Rate of brokerage is 0.2% and Rate of GST on brokerage is 18%, then How many shares were purchased for ₹ 50,118 ? [Note: marked ★ (challenging) in the textbook.]
  13. PS4B Q.9
    Shri. Batliwala sold shares of ₹ 30,350 and purchased shares of ₹ 69,650 in a day. He paid brokerage at the rate of 0.1% on sale and purchase. 18% GST was charged on brokerage. Find his total expenditure on brokerage and tax. [Note: marked ★ (challenging) in the textbook.]
  14. PS4B Q.10
    Smt. Aruna Thakkar purchased 100 shares of FV 100 when the MV is ₹ 1200. She paid brokerage at the rate of 0.3% and 18% GST on brokerage. Find the following - (1) Net amount paid for 100 shares. (2) Brokerage paid on sum invested. (3) GST paid on brokerage. (4) Total amount paid for 100 shares. [Note: marked ★ (challenging) in the textbook.]
  15. PS4B Q.11
    Smt. Anagha Doshi purchased 22 shares of FV ₹ 100 for Market Value of ₹ 660. Find the sum invested. After taking 20% dividend, she sold all the shares when market value was ₹ 650. She paid 0.1% brokerage for each trading done. Find the percent of profit or loss in the share trading. (Write your answer to the nearest integer.) [Note: marked ★ (challenging) in the textbook.]