SCERT Maharashtra Question Bank solutions for 12th Standard HSC Mathematics and Statistics (Commerce) Maharashtra State Board 2022 chapter 2 - Commission, Brokerage and Discount [Latest edition]

Choose the correct alternative:

A salesman receives 3% commission on the sales up to ₹ 50,000 and 4% commission on the sales over ₹ 50,000. His total income on the sale of ₹ 2,00,000 is ______

Choose the correct alternative:

The present worth of ₹ 11,660 due 9 months hence is ₹ 11,000. The True discount is ______

Choose the correct alternative:

If A bill of ₹ 6,395 drawn on 15th February 2015 for 10 months was discounted on 28th May 2015 at 8% p.a. interest, then legal due date is ______

Choose the correct alternative:

The date on which the period of the bill expires is called  ______

Choose the correct alternative:

The marked price is also called as ______

An agent who gives guarantee to his principal that the party will pay the sale price of goods is called ______

The difference between the ______ and the true discount is called Banker’s Gain (B.G). It is equal to the interest on true discount

The buyer is legally allowed ______ days grace period

The date on which the bill is drawn is called as ______

When transactions like sale, purchase, auction etc. are done through some middlemen, such middlemen are called ______

State whether the following statement is True or False:

The trade discount is first calculated on the catalogue (list) price

State whether the following statement is True or False: 

A factor is an agent who is given the possession of goods and enters a contract for sale in his/her own name

State whether the following statement is True or False: 

A person can get both, trade discount and cash discount

State whether the following statement is True or False: 

The sum due is also called as Cash value

State whether the following statement is True or False: 

If only one discount is given then List price = Invoice price

Find the true discount Banker’s discount and Banker’s gain on a bill of ₹ 4,240 due 6 months hence at 9% p.a.

Ananya gets salary of ₹ 15,000 per month and commission at 8% on the sales over ₹ 50,000. If she gets ₹ 17,400 in a certain month, Find the sales made by her in that month

Swastik Distributers allows 15% discount on the list price of washing machine. Further 5% discount is given for cash payment. Find the list price of the washing machine if it was sold for the net amount of ₹ 38,356.25

An agent sold a car and charged 3% commission on sale value. If the owner of the car received ₹ 48,500, find the sale value of the car. If the agent charged 2% from the buyer, find his total remuneration

A bill of ₹ 65,700 drawn on July 10 for 6 months was discounted for ₹ 65,160 at 5% p.a. on what day was the bill discounted?

A bill was drawn on 14th April for ₹ 7,000 and was discounted on 6th July at 5% p.a. The Banker paid ₹ 6,930 for the bill. What is the legal due date

A bill of ₹ 51,000 was drawn on 18^th February 2010 for 9 months. It was encashed on 28^th June 2010 at 5% p.a. Calculate the banker’s gain and true discount

A retailer sold a suit for ₹ 8,832 after allowing 8% discount on marked price and further 4% cash discount. If he made 38% profit, find the cost price and the marked price of the suit.

If difference between true discount and banker’s discount on a sum due 4 months hence is ₹ 20. Find true discount, banker’s discount and amount of bill, the rate of simple interest charged being 5%p.a.

A bill of ₹ 8,000 drawn on 5^th January 2019 for 8 months was discounted for ₹ 7,680 on a certain date. Find the date on which it was discounted at 10% p.a.

Solution: Banker’s Discount

B.D.= F.V. − C.V. = 8,000 −7,680 = ₹ 320

Date of drawing = 5^th January 2019

Period = 8 months

Nominal due date = `square`

Legal due date = `square`

B.D. = Interest on F.V. for n at 10% p.a.

∴ B.D. = `("F.V." xx "n"/365 xx "r")/100`

∴ 320 = `(8000 xx "n"/365 xx 10)/100`

∴ n = `square` days

∴ Date of discounting is `square`

Three cars were sold through an agent for ₹ 2,40,000, ₹ 2,22,000 and ₹ 2,25,000 respectively. The rates of commission were 17.5% on the first, 12.5% on the second. If the agent overall received 14% commission on the total sales, find the rate of commission paid on the third car.

Solution: Total selling Price of three cars = 2,40,000 + 2,22,000 + 2,25,000

= `square`

Commision on total sale = 14%

= `14/100 xx square`

Selling price of First car = ₹ 2,40,000

Rate of commission = 17.5% 

= `17.5/100 xx 2,40,000 = square`

∴ Commission on first car = ₹ `square`

Selling price of Second car = ₹ 2,22,000

Rate of commission = 12.5%

= `12.5/100 xx 2,22,000 = square`

∴ Commission on second car = ₹ `square`

Selling price of third car = ₹ 2,25,000

Let the rate of commission be x

Commission on third car = `x/100 xx 2,25,000`

∴ Commission on third car = Total commission − (commission on first car + commission on second car)

∴ `x/100 xx 2,25,000 = square - {square + square}`

∴ x = `square`