Answer
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Hint:
Selling Price (S.P.): Price at which an article is sold by a shopkeeper.
Marked Price is the price on the label of an article. This is the price at which product is intended to be sold. There can be some discount given on this price and the actual selling price of the product may be less than the marked price.The goods and services tax (GST) is a value-added tax imposed on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is transferred to the government by the businesses selling the goods and services. GST on any article is paid with marked price on the article. Therefore, Selling Price = Marked price + GST.
Complete step by step solution:
Let the article price = Rs x (Before GST)
We have,
Selling Price = Article Price + GST
$
1239 = x + x \times \left( {\dfrac{{18}}{{100}}} \right) \\
1239 = \dfrac{{100x + 18x}}{{100}} \\
1239 = \dfrac{{118x}}{{100}} \\
x = \dfrac{{1239 \times 100}}{{118}} \\
x = 10.5 \times 100 \\
x = 1050 \\
$
Hence before GST the price of article = Rs 1050.
Note:
Students should keep attention that GST is applied on marked price.
Students usually get confused between the Cost price and Marked price. Marked price is the normal price of the thing without any discount or we can say the price printed on the item while the Cost price is the amount at which the shopkeeper buys the item.
∴Cost Price = Selling Price – Gain
or Cost Price = Selling Price + Loss
and Marked price = Selling price + Discount
Selling Price (S.P.): Price at which an article is sold by a shopkeeper.
Marked Price is the price on the label of an article. This is the price at which product is intended to be sold. There can be some discount given on this price and the actual selling price of the product may be less than the marked price.The goods and services tax (GST) is a value-added tax imposed on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is transferred to the government by the businesses selling the goods and services. GST on any article is paid with marked price on the article. Therefore, Selling Price = Marked price + GST.
Complete step by step solution:
Let the article price = Rs x (Before GST)
We have,
Selling Price = Article Price + GST
$
1239 = x + x \times \left( {\dfrac{{18}}{{100}}} \right) \\
1239 = \dfrac{{100x + 18x}}{{100}} \\
1239 = \dfrac{{118x}}{{100}} \\
x = \dfrac{{1239 \times 100}}{{118}} \\
x = 10.5 \times 100 \\
x = 1050 \\
$
Hence before GST the price of article = Rs 1050.
Note:
Students should keep attention that GST is applied on marked price.
Students usually get confused between the Cost price and Marked price. Marked price is the normal price of the thing without any discount or we can say the price printed on the item while the Cost price is the amount at which the shopkeeper buys the item.
∴Cost Price = Selling Price – Gain
or Cost Price = Selling Price + Loss
and Marked price = Selling price + Discount
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