Problem: Mr. A purchased a house for Tk. 10,00,000 in 1995. He spent Tk. 1,00,000 for the routine maintenance and upkeep of the house. In 1999, he sold out the house for 25% of more than what he paid for it. He paid 5% of the sales proceeds as Gain Tax. And he had to pay 50% of his net profit to the broker. What was his net income?
View all: BANGLASESH BANK (BB) | ASSISTANT DIRECTOR (AD) | WRITTEN QUESTION SOLVE(MATH) | 2001
Correct Answer: Tk. 1,30,625
Explanation:
Purchasing cost = Tk. 10,00,000
Routing maintenance and upkeeping cost = TK 1,00,000
Total cost =10,00,000+1,00,000 = Tk. 11,00,000
Profit gained at 25% on cost = Tk. 1,00,000 x 25%
= Tk. 2,75,000
Tax paid at 5% on sales proceeds = Tk. 2,75,000 x 5%
= Tk. 13750
Net profit = Tk. (2,75,000 – 13,750) = Tk. 2,61,250
Net income = Tk. 2,61,250 x 50% = Tk. 1,30,625
