Maharashtra Board Class 10 Math Part – 1 Solution Chapter 4 Practice Set 4.2 – Financial Planning
Balbharati Maharashtra Board Class 10 Math Part – 1 Solution Chapter 4: Financial Planning. Marathi or English Medium Students of Class 10 get here Financial Planning full Exercise Solution.
| Std | Maharashtra Class 10 |
| Subject | Math Part 1 Solution |
| Chapter | Financial Planning |
| Practice Set | 4.2 |
Practice Set 4.2
(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.
Solution:
(ATQ)
Input tax = ₹100500
Input tax = ₹122500
∴ Total GST payable = output tax – ITC
= 122500 – 100500
= ₹22000
(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?
Solution:
(ATQ) Input tax = ₹12500
Output tax = ₹14750
∴ ITC = input tax = ₹12500
Total GST payable = output tax – ITC
= 14750 – 12500
= ₹2150
(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.
Solution:
(ATQ) For, Akbari’ Bros.
Input tax = ₹3800
Output tax = ₹4100
∴ GST payable = output tax – ITC
= 4100 – 3800
= ₹300
∴ CGST = SGST = GST/2 = 300/2
= ₹150
For Mayank Food centre,
Input tax = ₹4100
Output tax = ₹4500
∴ GST payable = output tax – ITC
= 4500 – 4100
= ₹400
∴ CGST = SGST = GST/2 = 400/2
= ₹200
(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.)
Solution:
Taxable value for purchase = ₹24500
GST = 5%
∴ Input tax = 5/100 × 24500
= ₹1225
Taxable value for selling = ₹26500
∴ GST rate = 5%
∴ Output tax = 5/100 × 26500
= ₹1325
∴ Total GST payable = output tax – ITC
= 1325 – 1225
= ₹100
∴ CGST = UTGST = GST/2 = 100/2 = ₹52
(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?
Solution:
Input taxable value = ₹6000
Output taxable value = ₹10000
GST rate = 18%
∴ Input tax = 18/100 × 6000
= ₹1080
∴ Output tax = 18/100 × 10000
= ₹1800
∴ Total GST payble = output tax – ITC
= 1800 – 1080
= ₹720
∴ CGST = SGST = GST/2 = 720/2 = ₹360
(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.
Solution:
(ATQ) Supplier: M/s – Athena Basu
Address: Kolkata, West Bengal
State: West Bengal
Date: 18/12/21
Invoice No. 12456
GSTIN: 4324
Rate of Battery = ₹200, 1PC
GST rate = 12%
∴ GST = 12/100 × 200 = ₹24
Rate of headphone = ₹750, 1 PC
GST rate = 18%
∴ GST payble = 18/100 × 750 = ₹135
(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%
Solution:
Supplier:
Name: Athena Basu
Address: Kolkata
State: West Bengal
GSTIN: 4564
Date: 18/12/21
Recipient:
Name: Monoj Bose
Address: Siliguri
State: West Bengal
GSTIN: 4564
Date: 18/12/21
Items: (1) pencil boxes 100.
GST rate = 12% at ₹20
∴ Total GST on 100 boxes = 12/100 × 20 × 100
= ₹240
(2) Jigsaw puzzle = 50
GST rate = 12% at ₹100
∴ Total GST payable = 12/100 × 50 × 100 = ₹600
Here is your solution of Maharashtra Board Class 10 Math Part 1 Chapter 4 Financial Planning Practice Set 4.2 Solution
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