Financial Planning
Class-10-Mathematics-1-Chapter-4-Maharashtra Board
Solutions
Practice Set 4.1
Q-1.1 ‘Pawan Medical’ supplies medicines. On some medicines the rate of GST is 12%, then what is the rate of CGST and SGST?
The rate of GST is 12%
The rate of CGST = \(\frac{the\,rate\,of\,GST}{2}=\frac{12%}{2}\) = 6%.
The rate of SGST = the rate of CGST = 6 %.
Q-1.2. On certain article if rate of CGST is 9% then what is the rate of SGST? and what is the rate of GST?
The rate of CGST is 9%
The rate of SGST = the rate of CGST.
∴ the rate of SGST is also 9 %.
The rate of GST = the rate of CGST + the rate of SGST = 9% + 9% = 18%.
Q-1.3. ‘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.
Taxable value of a tin of lustre paint = ₹ 2800
Quantity = 2
∴ taxable amount = ₹ 2800 x 2 = ₹ 5600
The rate of GST = 28 %
The rate of CGST = the rate of SGST = \(\frac{the\,rate\,of\,GST}{2}=\frac{28%}{2}\) = 14%
The amount of CGST = the rate of CGST x taxable amount
= 14% of ₹ 5600 = \(\frac{14}{100}\) × 5600 = ₹ 784
∴ the amount of SGST is also ₹ 784
The amount of CGST and SGST charged in the tax invoice is ₹ 784 each.
Q-1.4. 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 ?
The rate of GST is 18 %
The taxable value of the belt is ₹ 586.
∴ GST on the belt = \(\frac{18}{100}\) × 586 = ₹ 105.48
∴ the price of the belt for the customer
= taxable value + GST
= ₹ 586 + ₹ 105.48 = ₹ 691.48
The price of the belt for the customer is ₹ 691.48.
Q-1.5. 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.
Let the taxable value of the toy car be ₹ x.
18 % GST.
∴ GST = \(× x \frac{18}{100}=₹\frac{9x}{50}\)
∴ the total value (with GST) = ₹\((x+\frac{9x}{50})\)
The total value (with GST) is given to be ₹ 1770.
∴ \(x+\frac{9x}{50}\) = 1770
∴ 50x + 9x = 1770 × 50 ….(Multiplying both the sides by 50)
∴ 69x = 1770 × 50
∴ x = 30 × 50 … (Dividing both the sides by 59)
∴ x = 1500
∴ the taxable value = ₹ 1500
GST at 18% on ₹ 1500 = \(\frac{18}{100}\) x 1500 = ₹ 270.
∴ CGST = \(\frac{270}{2}\) = ₹ 135 and SGST = ₹ 135
The taxable value of the toy car is ₹ 1500. CGST is ₹ 135 and SGST is ₹ 135.
Q-1.6. ‘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
The rate of CGST on AC is 14 %
(1) The rate of SGST on AC is 14%
(2) Hence, GST = CGST + SGST = 14% +14% = 28 %
(3) Let the taxable value of AC be ₹ x
GST = 28% ∴ GST = \(× x \frac{28}{100}=₹\frac{7x}{25}\)
∴ cost of AC with GST = ₹\((x+\frac{7x}{25})\)
The cost of AC with GST is given ₹ 51200.
∴ ₹\((x+\frac{7x}{25})\) = ₹ 51200
25 x + 7x = 51200 × 25 ... (Multiplying both the sides by 25)
∴ 32x = 51200 x 25
∴ x = 1600 x 25 ... (Dividing both the sides by 32)
∴ x = 40000
The taxable value of AC = ₹ 40,000.
(4) The amount of GST = Cost with GST − Taxable value
= ₹ (51200 − 40000) = ₹ 11200
(5) The amount of CGST = \(\frac{the\,amount\,of\,GST}{2}=\frac{11200}{2}\) = ₹ 5600
(6) The amount of SGST = the amount of CGST = ₹ 5600
Answer is :
(1) The rate of SGST is 14%;
(2) The rate of GST is 28 %;
(3) The taxable value of AC is ₹ 40,000
(4) The amount of GST is ₹ 11,200
(5) The amount of CGST is ₹ 5600
(6) The amount of SGST is ₹ 5600
Q-1.7. 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.
The printed price of washing machine is ₹ 40,000.
Discount = 5%
∴ discount = \(\frac{5}{100}\) × 40000 = ₹ 2000
∴ actual selling price of the washing machine is ₹ (40000 − 2000) = ₹ 38000
₹ 38,000 is the taxable value.
GST is 28%
∴ GST = \(\frac{28}{100}\) × 38000 = ₹ 10640
GST = CGST + SGST = ₹ 10640
CGST = SGST = \(\frac{1}{2}\) × GST
∴ CGST = SGST = \(\frac{1}{2}\) × 10640 = ₹ 5320
The actual cost of washing machine to Prasad
= ₹ 38000 + ₹ 10640 (GST) = ₹ 48640.
Purchase price of washing machine for Prasad is ₹ 48,640. CGST is ₹ 5320, SGST is ₹ 5320.
Practice Set 4.2
Q-2.1. '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.
GST payable by Chetana Store means GST to be paid to the Government by Chetana Store.
(i) Output tax (tax collected at the time of sale) = ₹ 1,22,500
(ii) Input tax (tax paid at the time of purchase) = ₹ 1,00,500
∴ ITC (Input Tax Credit) = ₹ 1,00,500
(iii) GST, payable = Output tax − ITC = ₹ (122500 − 100500) = ₹ 22000
GST payable by Chetana Store is ₹ 22,000.
Q-2.2. 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 ?
(i) Output tax = ₹ 14,750
(ii) Input tax = ₹ 12,500
∴ ITC for Nazama = 12,500
(iii) GST payable by Nazama = Output tax − ITC = ₹ (14750 − 12500) = ₹ 2250
ITC claimed by Nazama is ₹ 12,500, GST payable by Nazama is ₹ 2250.
Q-2.3. 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.
Here, the trading chain is as follows :
Amir Enterprise -> Akbari Bros -> Mayank Food
For Amir Enterprise
Input tax = ₹ 3800
Output tax (collected from Akbari Bros.) = ₹ 4100
ITC for Amir Enterprise = ₹ 3800
∴ GST payable = ₹ (4100 − 3800) = ₹ 300.
i.e. ₹ 150 CGST and ₹ 150 SGST.
For Akbari Bros.
Input tax = ₹ 4100
Output tax (collected from Mayank Food Corner) = ₹ 4500
ITC for Akbari Bros. = ₹ 4100
∴ GST payable = ₹ (4500 − 4100) = ₹ 400
i.e. ₹ 200 CGST and ₹ 200 SGST
Statement of GST, CGST and SGST payable at every stage of trading :
| Company | GST Payable | CGST Payable | SGST Payable |
| Amir Enterprise | 300 | 150 | 150 |
| Akbari Bros | 400 | 200 | 200 |
| Total | 700 | 350 | 350 |
Q-2.4. 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.)
Input Tax by Malik Gas Agency at 5% of ₹ 24500 = (\frac{5}{100}\) × 24500 = ₹ 1225
∴ ITC for Malik Gas Agency is ₹ 1225 ….(1)
The agency sold the cylinders to customers for ₹ 26,500.
Output tax by the agency is 5% of ₹ 26500
Output Tax = \(\frac{5}{100}\) × 26500 = ₹ 1325 ….(2)
GST payable = Output Tax − ITC
= ₹ (1325 − 1225) ... [From (1) and (2)]
= ₹ 100.
CGST = \(\frac{1}{2}\) × GST = \(\frac{1}{2}\) × 100 = ₹ 50
UTGST = \(\frac{1}{2}\) × GST = \(\frac{1}{2}\) × 100 = ₹ 50
Malik Gas Agency paid GST ₹ 100. CGST ₹ 50 and UTGST ₹ 50.
Q-2.5. 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 ?
M/s Beauty Products bought cosmetics worth ₹ 6000 and paid 18 % GST.
∴ Input tax by M/s Beauty Products = 18% of ₹ 6000 = \(\frac{18}{100}\) × 6000 = ₹ 1080
∴ ITC for M/ s Beauty Products = ₹ 1080.
M/s Beauty Products sold cosmetics for ₹ 10,000
∴ The tax collected = output tax = 18 % of ₹ 10,000 = \(\frac{18}{100}\) × 10000 = ₹ 1800
GST payable by M/s Beauty Products
= Output tax − ITC
= ₹ (1800 − 1080)
= ₹ 720
CGST = SGST = \(\frac{1}{2}\) × GST = \(\frac{1}{2}\) × 720 = ₹ 360.
Tax invoice details : M/s Beauty Products
| GST | CGST | SGST | |
| Purchase | 1080 | 540 | 540 |
| Sale | 720 | 360 | 360 |
| Total | 1800 | 900 | 900 |
Q-2.6. 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.
GST for Mobile battery 12 %; The rate of CGST = SGST = 6 %
GST for Headphone 18 %; The rate of CGST = SGST =9%
Tax Invoice of goods sold
| Supplier : M/s Shree Samarth Eneterprise
Address : 83E Shikrapur. Dist. Pune. State : Maharashtra GSTIN : 27ABCDE4567R1Z7 Invoice No. : 01/23-24 Invoice Date : 01-01-2024 |
||||||||||
| Sr. No | Item | HSN
Code |
Rate
₹ |
Qty. | Taxable
Amount |
CGST | SGST | Total | ||
| Rate | Tax | Rate | Tax | |||||||
| 1 | Mobile Battery | 8507 | 200 | 1 | ₹ 200 | 6% | 12 | 6% | 12 | ₹ 224 |
| 2 | Head Phone | 8518 | 750 | 1 | ₹ 750 | 9% | 67.50 | 9% | 67.50 | ₹ 885 |
| Total | 2 | ₹ 79.50 | ₹ 79.50 | ₹ 1109 | ||||||
Q-2.7. 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%.
GST 12% ∴ CGST = SGST = 6%
Tax Invoice of goods sold
| Supplier : Shree Samarth Eneterprise
Address : 83E Shikrapur. Dist. Pune. State : Maharashtra GSTIN : 27ABCDE4567R1Z7 |
Receipent : Success Stationery.
Address : Urban Bank Road, A’Nagar, State : Maharashtra GSTIN : 27LMNOP1234R2Z8 |
|||||||||||
| Invoice No. : SSE-01/23-24 Invoice Date : 01-01-2024 | ||||||||||||
| Sr. No | Item | HSN
Code |
Rate
₹ |
Qty. | Taxable
Amount |
CGST | SGST | Total | ||||
| Rate | Tax | Rate | Tax | |||||||||
| 1 | Pencil boxes | 3924 | 20 | 100 | ₹ 2000 | 6% | 120 | 6% | 120 | ₹ 2240 | ||
| 2 | Jigsaw puzzle | 9503 | 100 | 50 | ₹ 5000 | 6% | 300 | 6% | 300 | ₹ 5600 | ||
| Total | ₹ 7840 | |||||||||||
| Amount (in words) : Rupees seven thousand eight hundred and forty only
Company’s PAN : ABCDE4567R Note : Please issue a cheque in favour of M/S. Shree Samarth Enterprises. |
For :
Shree Samarth Enterprises Authorised Signatory |
|||||||||||
Practice Set 4.3
Q-3.1. Complete the following table by writing suitable numbers and words.
| Sr.No | FV | Share is at | MV |
| (1) | ₹ 100 | par | . . . |
| (2) | . . . | premium ₹ 500 | ₹ 575 |
| (3) | ₹ 10 | . . . | ₹ 5 |
| Sr.No | FV | Share is at | MV |
| (1) | ₹ 100 | par | 100 |
| (2) | ₹ 75 | premium ₹ 500 | ₹ 575 |
| (3) | ₹ 10 | discount of ₹ 5. | ₹ 5 |
Q-3.2. 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.
FV = ₹ 100; MV = ₹ 80
For getting 1 share of FV ₹ 100, the investment is ₹ 80.
Dividend = 20 % = ₹ 20 per share of FV ₹ 100.
Rate of return = \(\frac{Dividend\,income}{Sum\,invested}\) × 100 = \(\frac{20}{80}\) × 100 = 25%
The rate of return for Mr Amol is 25 %.
Q-3.3. 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.
Investment of Joseph is as follows :
Company A : 200 shares, FV =₹ 2, Premium = ₹ 18
MV = FV + Premium = ₹ 2 + 318 = 320
Investment in Company A = Number of shares × MV = 200 × 20 = ₹ 4000 ...(1)
Company B : 45 shares, MV = ₹ 500
Investment in Company B = Number of shares × MV = 45 × 500 = ₹ 22500 ... (2)
Company C : 1 share, MV = ₹ 10,540
Investment in Company C = ₹ 10,540 ... (3)
From (1), (2) and (3),
total investment = ₹ (4000 + 22500 + 10540) = ₹ 37,040
Total investment is ₹ 37,040.
Q-3.4. Smt. Deshpande purchased shares of FV ₹ 5 at a premium of ₹ 20. How many shares will she get for ₹ 20,000 ?
FV = ₹ 5, Premium = ₹ 20
MV = FV + Premium = ₹ 5 + ₹ 20 = ₹ 25
Sum invested = Number of shares × MV
∴ 20000 = Number of shares x 25
∴ number of shares = \(\frac{20000}{25}\) = 800
Smt Deshpande will get 800 shares.
Q-3.5. 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.
FV = ₹ 100, MV = ₹ 120.
Dividend 7% ∴ dividend ₹ 7 on investment of ₹ 120.
Rate of return = \(\frac{Dividend\,income}{Sum\,invested}\) × 100 = \(\frac{7}{120}\) × 100 = 5.83
The rate of return for Shri Shantilal is 5.83 % on his investment.
Q-3.6. 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.
Let the FV of each type of share be ₹ 100
Company A : dividend 16 %, MV = ₹ 80.
∴ on investing ₹ 80 for a share, the dividend is ₹ 16.
Rate of return = \(\frac{Dividend\,income}{Sum\,invested}\) × 100 = \(\frac{16}{80}\) × 100 = 20 …..(1)
Company B : dividend 20 %, MV = ₹ 120
∴ on investing ₹ 120 for a share, the dividend is ₹ 20
Rate of return = \(\frac{Dividend\,income}{Sum\,invested}\) × 100 = \(\frac{20}{120}\) × 100= 16.67 …..(2)
From (1) and (2), the investment in Company A is more profitable.
The investment in Company A is more profitable.
Practice Set 4.4
Q-4.1. Market value of a share is ₹ 200. If the brokerage rate is 0.3% then find the purchase value of the share.
MV = ₹ 200, Brokerage = 0.3%
Brokerage per share = Rate of brokerage × MV = \(\frac{0.3}{100}\) × 200 = ₹ 0.60
Purchase value of the share = MV + Brokerage = ₹ (200 + 0.60) = ₹ 200.60
The purchase value of the share is ₹ 200.60.
Q-4.2. 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 ?
MV = ₹ 1000, Brokerage = 0.1%
Brokerage per share = Rate of brokerage × MV = \(\frac{0.1}{100}\) × 1000 = ₹ 1
Amount received after sale = MV − Brokerage = ₹ (1000 − 1) = ₹ 999.
The amount received after the sale is ₹ 999.
Q-4.3. Fill in the blanks given in the contract note of sale-purchase of shares.
(B - buy S - sell)
| No. of shares | MV of shares | Total value | Brokerage 0.2% | 9% CGST
on brokerage |
9% SGST
on brokerage |
Total
value of shares |
| 100 B | ₹ 45 | |||||
| 75 S | ₹ 200 |
(1) (i) Number of shares bought = 100; MV = ₹ 45
∴ total value of the shares = Number of shares × MV =100 × 45 =₹ 4500
(ii) Brokerage = 0.2%
Brokerage = Total value × Brokerage % = 4500 × \(\frac{2}{10}×\frac{1}{100}\) = ₹ 9
(iii) CGST 9% on brokerage
∴ CGST = \(\frac{9}{100}\) × 9 = ₹ 0.81
(iv) SGST = CGST = ₹ 0.81.
(v) Purchase price of shares = Total value + Brokerage + CGST + SGST
= ₹ (4500 + 9 + 0.81 + 0.81) = ₹ 4510.62.
(2) (i) Number of shares sold = 75; MV = ₹ 200
∴ total value = Number of shares × MV = 75 × 200 = ₹ 15000.
(ii) Brokerage 0.2%
Brokerage = Total value × Brokerage % = 15000 × \(\frac{0.2}{100}\) = ₹ 30
(iii) CGST 9% on brokerage
∴ CGST = \(\frac{9}{100}\) × 30 = ₹ 2.70
(iv) SGST = CGST = ₹ 2.70
(v) Selling price of shares = Total value – (Brokerage + CGST + SGST)
= ₹ [15000 – ( 30 + 2.70 + 2.70)] = ₹ (15000 — 35.40) = ₹ 14964.60.
| No. of shares | MV of shares | Total value | Brokerage 0.2% | 9% CGST on brokerage | 9% SGST on brokerage | Total value of shares |
| 100 B | ₹ 45 | 4500 | ₹ 9 | ₹ 0.81 | ₹ 0.81 | ₹ 4510.62 |
| 75 S | ₹ 200 | 15000 | ₹ 30 | ₹ 2.70 | ₹ 2.70 | ₹ 14964.60 |
Q-4.4. 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 ?
Suppose Smt Desai sold 1 share
Brokerage per share = Rate of brokerage × MV = \(\frac{0.2}{100}\) × 50 = ₹ 0.10
GST at 18% on brokerage = Rate of GST × Brokerage = \(\frac{18}{100}\) × 0.10 = ₹ 0.018
Selling price of 1 share = MV − (Brokerage + GST)
= ₹ [50 − (0.10 + 0.018)]
= ₹ (50 − 0.118)
= ₹ 49.882
Number of shares = \(\frac{\text{Selling price of all shares}}{\text{Selling price of 1 shares}}\)
= \(\frac{4988.20}{49.882}\) = 100
Smt Desai sold 100 shares.
Q-4.5. 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 ?
FV = ₹ 50, Premium = 100
∴ MV = ₹ (50 +100) = ₹ 150
Investment by Mr D’Souza for purchasing 200 shares = Number of shares × MV
= 200 × 150 = ₹ 30000.
Brokerage = ₹ 20
∴ total investment = ₹ (30000 + 20) = ₹ 30020 …..(1)
Dividend 50%, FV = ₹ 50
∴ dividend per share = \(\frac{50}{100}\) × 50 = ₹ 25
∴ dividend on 200 shares = Numbers of shares × Dividend per share
= 200 x 25 = ₹ 5000 …... (2)
100 shares sold at a discount of ₹ 10
∴ selling price of 100 shares = 100 × (50 − 10) = 100 × 40 = ₹ 4000
Amount received on selling 100 shares
= Selling price − Brokerage
= ₹ (4000 − 20) = ₹ 3980 ….. (3)
Remaining 100 shares sold at a premium of ₹ 75
∴ selling price per share = ₹ (50 + 75) = ₹ 125
∴ selling price of 100 shares = 100 × 125 = ₹ 12500
Amount received on selling 100 shares
= Selling price − Brokerage
= ₹ (12500 − 20) = ₹ 12480 ……(4)
From (2), (3) and (4),
Total amount received = ₹ (5000 + 3980 + 12480) = ₹ 21,460
Investment = ₹ 30,020 ... [From (1)]
The amount received is less than the investment.
∴ here is a loss.
Loss = Investment — Amount received on selling shares
= ₹ (30020 − 21460) =₹ 8560.
Mr D’Souza suffered a loss of ₹ 8560.
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