Question 1:
If the basic salary of an employee is Rs. 37000 and allowances are Rs. 22,000.
What is the taxable income of employee?
solution:
basic salary = 37000
allowances = 22,000
as we now that allowance is always 50% of the basic salary
so here basic salary is 37000 * 50 / 100 = 18500
and 22000 - 18500 = 3500
here 3500is tax able
Question 2:
If the salary and allowances of an employee is as follows:
Basic salary = Rs. 12,000
House Rent Allowance = 45%
Conveyance Allowance = 5%
Utilities Allowance = 7%
Group Insurance/Medical = 0%
Misc. Social Charges = 5.8%
There are 12 casual, 24 earned and no sick leaves per year where as normal working days per month are 26. Find the Gross remuneration of the employee.
.....
Solution of q 2:
Basic salary=12000
House rent allowance=45%=45/100=0.45=0.45*12000=5400
Conveyance allowances=5%=5/100=0.05=0.05*12000=600
Utility allowances=7%=7/100=0.07=0.07=0.07*12000=840
Group insurance/Medical=0%=0
Total Allowances=5400+600+840=6840
Gratuity fund=1/11*12000=1090.90
Provident Fund= 1/11*12000= 1090.90
M.s.charge=12000(5.8/100)=696
Gross salary=12000+6840=18840
cost of casual leave per year=12/(26*12)*18840*12=839.04
cost of earned leave per year=24/(26*12)*1840*12=1678.08
Sick leave = 0
Total cost of leaves = 2517.12
Gross Rumen ration = 24234.92
.....
Question 3:
A trade discount series of 20, 10, and 5 is offered on an item which has a list price of Rs.9100. Find the amount of discount and the net price. http://www.vustudents.net
Solution
TRADE DISCOUNT
Net Price = L* (1 - D)*(1 - D)*(1 - D)
= 9100 *(1- 0.2)*(1-0.1)*(1-0.05)
=9100 *(0.8)*(0.9)*(0.95)
=9100*0.684
=6224.4
DISCOUNT
net price = 9100 - 6224.4
= 2875.6 %
Question 4:
If your goal is to have an amount of 325000 in seven years and you can get interest rate of 9% per annum compounded annually. How much would you need to invest now?
given
n = 7
i = 9 %
F . V = 325000
as we know that
F.V = P.V (1 + i ) ^ n
325000 = P.V (1 + 0.09)^ 7
325000 = P.V ( 1.83)
P . V = 325000
(1.83)
P.V = 177786.13answer
Question 5:
If you start saving Rs. 28,000 at the end of each six month, and you get interest rate 11% (per annum) compounded semi-annually, how much will you have accumulated at the end of 20 years?
solution:
given
n = 20
i = 11%
P . V = 28000
as we know that
F.V = P.V (1 + i ) ^ n
F.V = 28000 (1 + 0.11)^ 20
F.V = 28000 ( 8.06)
F . V = 225744.72
F.V = 225744.72 answer
Question 6:
The price of an item decreased from Rs. 856 to Rs.752. What is the percentage change in price of item?
solution
percentage change in price of item
856 - 752 = 104
1.04%
Question # 7
Suppose you can afford to pay 9,000 per month on a loan. How much can you borrow if the loan is for a period of 15 years and the interest rate is 5% per annum compounded monthly?
solution
given
n = 15
m =12
i = 5%
P . V = 9000
as we know that
F.V = P.V (1 + i /m) ^ n*m
F.V = 9000 (1 + 0.05/12)^ 15*12
F.V = 9000 (1.0041667 )^ 15*12
F.V = 9000 (2.11383 )
F . V = 19024.47
F.V = 192024.47 answer
What is the taxable income of employee?
solution:
basic salary = 37000
allowances = 22,000
as we now that allowance is always 50% of the basic salary
so here basic salary is 37000 * 50 / 100 = 18500
and 22000 - 18500 = 3500
here 3500is tax able
Question 2:
If the salary and allowances of an employee is as follows:
Basic salary = Rs. 12,000
House Rent Allowance = 45%
Conveyance Allowance = 5%
Utilities Allowance = 7%
Group Insurance/Medical = 0%
Misc. Social Charges = 5.8%
There are 12 casual, 24 earned and no sick leaves per year where as normal working days per month are 26. Find the Gross remuneration of the employee.
.....
Solution of q 2:
Basic salary=12000
House rent allowance=45%=45/100=0.45=0.45*12000=5400
Conveyance allowances=5%=5/100=0.05=0.05*12000=600
Utility allowances=7%=7/100=0.07=0.07=0.07*12000=840
Group insurance/Medical=0%=0
Total Allowances=5400+600+840=6840
Gratuity fund=1/11*12000=1090.90
Provident Fund= 1/11*12000= 1090.90
M.s.charge=12000(5.8/100)=696
Gross salary=12000+6840=18840
cost of casual leave per year=12/(26*12)*18840*12=839.04
cost of earned leave per year=24/(26*12)*1840*12=1678.08
Sick leave = 0
Total cost of leaves = 2517.12
Gross Rumen ration = 24234.92
.....
Question 3:
A trade discount series of 20, 10, and 5 is offered on an item which has a list price of Rs.9100. Find the amount of discount and the net price. http://www.vustudents.net
Solution
TRADE DISCOUNT
Net Price = L* (1 - D)*(1 - D)*(1 - D)
= 9100 *(1- 0.2)*(1-0.1)*(1-0.05)
=9100 *(0.8)*(0.9)*(0.95)
=9100*0.684
=6224.4
DISCOUNT
net price = 9100 - 6224.4
= 2875.6 %
Question 4:
If your goal is to have an amount of 325000 in seven years and you can get interest rate of 9% per annum compounded annually. How much would you need to invest now?
given
n = 7
i = 9 %
F . V = 325000
as we know that
F.V = P.V (1 + i ) ^ n
325000 = P.V (1 + 0.09)^ 7
325000 = P.V ( 1.83)
P . V = 325000
(1.83)
P.V = 177786.13answer
Question 5:
If you start saving Rs. 28,000 at the end of each six month, and you get interest rate 11% (per annum) compounded semi-annually, how much will you have accumulated at the end of 20 years?
solution:
given
n = 20
i = 11%
P . V = 28000
as we know that
F.V = P.V (1 + i ) ^ n
F.V = 28000 (1 + 0.11)^ 20
F.V = 28000 ( 8.06)
F . V = 225744.72
F.V = 225744.72 answer
Question 6:
The price of an item decreased from Rs. 856 to Rs.752. What is the percentage change in price of item?
solution
percentage change in price of item
856 - 752 = 104
1.04%
Question # 7
Suppose you can afford to pay 9,000 per month on a loan. How much can you borrow if the loan is for a period of 15 years and the interest rate is 5% per annum compounded monthly?
solution
given
n = 15
m =12
i = 5%
P . V = 9000
as we know that
F.V = P.V (1 + i /m) ^ n*m
F.V = 9000 (1 + 0.05/12)^ 15*12
F.V = 9000 (1.0041667 )^ 15*12
F.V = 9000 (2.11383 )
F . V = 19024.47
F.V = 192024.47 answer
......
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