Class 8 RD Sharma Textbook Solutions Chapter 13 - Profits, Loss, Discount, and Value Added Tax (VAT) PDF Download
In this Chapter 13 - Profits, Loss, Discount, and Value Added Tax (VAT), several exercise questions with solutions for RD Sharma Class 8 Maths are given to help the students and understand the concepts better.
We have provided step by step solutions for all exercise questions given in the pdf of Class 8 RD Sharma Chapter 13 - Profits, Loss, Discount, and Value Added Tax (VAT).
All the Exercise questions with solutions in Chapter 13 - Profits, Loss, Discount, and Value Added Tax (VAT) are given below:
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RD Sharma Solutions for Class 8 Maths - Profits, Loss, Discount, and Value Added Tax
Topics Discussed in Class 8 Maths Chapter 13
Till Class 7, we have learnt the basics in calculating profit, loss and how to convert them into a percentage. In Class 8 chapter 13, we shall discuss some more problems related to profit, loss and percentages. At the end of the Chapter, we shall discuss how to compute discounts on selling price, buying price including VAT. Students might face difficulty in learning maths. But with the help of the free links given below, you can download PDFs of RD Sharma and their solved questions for free. At Vedantu, we try to make the solutions comprehensive and easy to understand.
Class 8, Chapter 13 contains three exercises and below are the solutions given for these exercises from RD Sharma.
Now, let’s have a small glimpse of the topics in this chapter:
Review of concepts - Selling Price, Cost price, profit and loss
Problems based on the discount
Problems based on Value Added Tax (VAT)
The first exercise has 24 questions discussing what selling price, cost price, profit and loss are. We shall discuss how they are calculated and converted to a percentage and other problems related to it.
The second exercise has around 25 questions discussing what is a discount, how it is calculated on cost price, selling price and related concepts. The last exercise is all about Value Added Tax and how it is calculated. The third exercise has 21 questions.
Profit and loss are studied to understand the business in the economy and calculate how beneficial it is to buy or sell a good. It also helps in comparing the price of substitute goods
If a shopkeeper has more selling price than the cost price then it is a profit for him and vice versa
The reduction in the rate of the price of a good is called a discount. It is generally expressed in percentage. It shows the price of a good and how much it is less than the original price.
VAT or Value Added Tax is the tax levied in each stage of production when more value is added to a good or a production process. In many countries, it is levied through GST (Goods and Services Tax)
We have provided you with the link to all the exercises mentioned. Keep visiting us for more solutions.
FAQs on RD Sharma Class 8 Maths Solutions Chapter 13 - Profits, Loss, Discount, and Value Added Tax
1. What is loss and how is it calculated?
It is used to determine the price of a commodity and determine how beneficial it is to buy or sell it. The amount of loss that a seller gets after selling a good to less than cost price is loss. When SP is less than CP it is called loss. CP stands for cost price of a product and SP stands for Selling Price also known as sale price sometimes.
Loss = Cost Price – Selling Price.
Loss percentage = (Loss / Cost price) x 100
If a shopkeeper buys a ball at 50 rupees and sells it to someone for 30 rupees. Then he incurred a loss of 20 rupees.
2. What is profit and how is it calculated?
It is the amount gained from a business. When the SP is more than CP, it is considered to be profit for the seller. SP denotes selling price and CP denotes cost price.
Profit = selling price - cost price
Profit percentage = (P/CP) × 100
P is Profit, CP is cost price
If a shopkeeper buys a ball at 100 rupees and sells it to someone at 120 rupees then he incurred a profit of 20 rupees. Thus, profit is the extra amount earned above the cost price.
3. What is VAT?
VAT stands for value added tax. If a producer adds value to the production, then tax is levied on the value added to the product. It is assessed incrementally. It is levied at each stage of production, distribution to the end consumer. Many countries consider it similar to GST. But, in India it is generally different from GST because of the implementation process. The amount of VAT is decided by the end market price on the consumer. Visit this link to learn more about VAT.
4. Is VAT still applicable in India?
VAT is not applicable in India. It has been removed by the government and replaced with GST. it came into effect in 2017 and subsumed 12 indirect taxes and 22 cesses. It aims to eliminate the cascading effect in the economy. Service tax and VAT are subsumed under GST. Students must learn the concept of VAT. Class 8 RD Sharma Textbook Solutions Chapter 13 includes detailed information on VAT that can help students to understand the concept easily. Visit Vedantu for a clear understanding of all concepts related to profit, loss, discount, and VAT.
5. How is VAT different from GST?
VAT stands for value added tax and GST stands for Goods and Services Tax.
VAT has a cascading effect on goods and GST overcomes this effect. GST is a single tax levied on the consumer. Generally, VAT is different from one state to another state. But, GST is uniform among all the states hence builds the concept of one country, one market. It is difficult to calculate VAT and comprehend it but GST is simple to calculate with different slabs for different taxes.