SCERT Maharashtra Question Bank solutions for 12th Standard HSC Mathematics and Statistics (Commerce) Maharashtra State Board 2022 chapter 2.1 - Commission, Brokerage and Discount [Latest edition]

Solutions for Chapter 2.1: Commission, Brokerage and Discount

Below listed, you can find solutions for Chapter 2.1 of Maharashtra State Board SCERT Maharashtra Question Bank for 12th Standard HSC Mathematics and Statistics (Commerce) Maharashtra State Board 2022.

Q.1Q.2Q.3Q.4Q.5Q.6
Q.1

SCERT Maharashtra Question Bank solutions for 12th Standard HSC Mathematics and Statistics (Commerce) Maharashtra State Board 2022 Chapter 2.1 Commission, Brokerage and Discount Q.1

MCQ [1 Mark]

Q.1 | Q 1

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 ______.

• ₹ 6,000

• ₹ 7,550

• ₹ 7,500

• ₹ 1,500

Q.1 | Q 2

Choose the correct alternative:

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

• ₹ 660

• ₹ 750

• ₹ 400

• ₹ 5,940

Q.1 | Q 3

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 ______

• 15th December 2015

• 15th November 2015

• 18th December 2015

• 18th November 2015

Q.1 | Q 4

Choose the correct alternative:

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

• Legal Due Date

• Days of grace

• The Nominal Due date

• Date of Drawing

Q.1 | Q 5

Choose the correct alternative:

The marked price is also called as ______

• Cost price

• Selling price

• Invoice price

• List price

Q.2

SCERT Maharashtra Question Bank solutions for 12th Standard HSC Mathematics and Statistics (Commerce) Maharashtra State Board 2022 Chapter 2.1 Commission, Brokerage and Discount Q.2

Fill in the blanks [1 Mark]

Q.2 | Q 1

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

Q.2 | Q 2

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

Q.2 | Q 3

The buyer is legally allowed ______ days grace period

Q.2 | Q 4

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

Q.2 | Q 5

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

Q.3

SCERT Maharashtra Question Bank solutions for 12th Standard HSC Mathematics and Statistics (Commerce) Maharashtra State Board 2022 Chapter 2.1 Commission, Brokerage and Discount Q.3

Q.3 | Q 1

State whether the following statement is True or False:

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

• True

• False

Q.3 | Q 2

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

• True

• False

Q.3 | Q 3

State whether the following statement is True or False:

A person can get both, trade discount and cash discount

• True

• False

Q.3 | Q 4

State whether the following statement is True or False:

The sum due is also called as Cash value

• True

• False

Q.3 | Q 5

State whether the following statement is True or False:

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

• True

• False

Q.4

SCERT Maharashtra Question Bank solutions for 12th Standard HSC Mathematics and Statistics (Commerce) Maharashtra State Board 2022 Chapter 2.1 Commission, Brokerage and Discount Q.4

Solve the following problems [3 Mark]

Q.4 | Q 1

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.

Q.4 | Q 2

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

Q.4 | Q 3

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

Q.4 | Q 4

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

Q.4 | Q 5

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?

Q.5

SCERT Maharashtra Question Bank solutions for 12th Standard HSC Mathematics and Statistics (Commerce) Maharashtra State Board 2022 Chapter 2.1 Commission, Brokerage and Discount Q.5

Solve the following problems [4 Marks]

Q.5 | Q 1

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

Q.5 | Q 2

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

Q.5 | Q 3

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.

Q.5 | Q 4

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.

Q.6

SCERT Maharashtra Question Bank solutions for 12th Standard HSC Mathematics and Statistics (Commerce) Maharashtra State Board 2022 Chapter 2.1 Commission, Brokerage and Discount Q.6

Activity [4 Marks]

Q.6 | Q 1

A bill of ₹ 8,000 drawn on 5th 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 = 5th 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

 April May June July Aug Sep Total 15 31 30 31 31 square square

∴ Date of discounting is square

Q.6 | Q 2

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

Solutions for Chapter 2.1: Commission, Brokerage and Discount

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SCERT Maharashtra Question Bank solutions for 12th Standard HSC Mathematics and Statistics (Commerce) Maharashtra State Board 2022 chapter 2.1 - Commission, Brokerage and Discount

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Concepts covered in 12th Standard HSC Mathematics and Statistics (Commerce) Maharashtra State Board 2022 chapter 2.1 Commission, Brokerage and Discount are Commission and Brokerage Agent, Discount.

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