Selling Price = Marked Price - Discount
(ii) Cost price
If seller sells any item greater than Cost Price, it is said to have a Gain.
Gain = SP - CP
If seller sells any item less than Cost Price, it is said to have a Loss.
Loss = CP – SP
SP is the amount that we pay for an article when purchased.
Marked Price is the price that is without any discount.
Discount is amount which we get as a rebate for purchasing the article.
(iv) Selling price
VAT is always charged on the Selling Price of an article and not on the MRP.
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