Neco Model Questions Vol1 2024 Commerce Question 32
Practice objective / multiple choice question 32 from the 2024 Neco Model Questions Vol1 Commerce examination.
A company issues an invoice for two items. Item 1 has a marked price of \(\text{₦}20,000\) with a trade discount of 12 %. Item 2 has a marked price of \(\text{₦}15,000\) with a trade discount of 8 %. The company policy states that if the total after trade discounts exceeds \(\text{₦}30,000\), a cash discount of 5 % is granted on the whole amount when payment is made within 15 days. VAT of 7.5 % is charged on the amount after any cash discount. The buyer pays within 15 days. The seller's total cost for the two items is \(\text{₦}28,000\). What is the seller's net profit percentage (profit after VAT as a percentage of total cost), rounded to two decimal places?
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About This Question
This is Neco Model Questions Vol1 2024 Commerce Question 32. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Hard .
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