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 Profit and Loss Questions

Popular Latest Rated Important Formulae

FACTS  AND  FORMULAE  FOR  PROFIT  AND  LOSS  QUESTIONS

 

 

Selling Price (SP) : The price at which the shopkeeper sells the goods is called the selling price (SP) of the goods sold by the shopkeeper.

 

Profit : If the selling price of an article is more than its cost price, then the dealer (or shopkeeper) makes a profit (or gain)

i.e Profit = SP - CP;       SP > CP

 

Loss : If the selling price of an article is less than its cost price, then the dealer suffers a loss.

i.e loss = CP - SP;        CP > SP

 

IMPORTANT FORMULAE


1. Profit percentage = ProfitC.P×100

 

2. Loss percentage = LossC.P×100

 

3.S.P=100+Gain %100×C.P = 100-Loss%100×C.P

 

4. C.P=100100+Gain %×S.P = 100100-Loss %×S.P 

5. If an article is sold at a gain of say 35%, then SP = 135% of CP

6. If an article is sold at a loss of say 35%, then SP = 65% of CP

7. When a person sells two similar items, one at a gain of say x%, and the other at a loss of x%, then the seller always incurs a loss given by :Loss % =Common Loss and Gain %10 2=x102

 

8. If a trader Professes to sell his goods at cost price, but uses false weihts, then 

Gain % =ErrorTrue Value - Error×100%

Q:

A shopkeeper who deals in books sold a book at 16% loss. Had she charged an additional Rs.60 while selling it , her profit would have been 14%. Find the cost price, in rupees, of the book ?

A) Rs. 185 B) Rs. 154
C) Rs. 200 D) Rs. 177
 
Answer & Explanation Answer: C) Rs. 200

Explanation:

Let the C.P be 'x'
Then, the selling price S.P = x - 16x/100
= 84x/100 = 21x/25
Now, if the S.P is 60 more, then the profit is 14%
=> 21x/25 + 60 = x + 14x/100
=> 114x/100 - 21x/25 = 60
=> (57 - 42)x/50 = 60
=> 15x/50 = 60
x = 3000/15 = 200

Therefore, the Cost price C.P = x = Rs. 200

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Q:

The cost price of an article is 54% of the marked price. Calculate the gain percent after allowing a discount of 15%  ?

A) 51.32 % B) 49.23 %
C) 48.4 % D) 46.8 %
 
Answer & Explanation Answer: C) 48.4 %

Explanation:

Let marked price = Rs. 100.
Then, C.P. = RS. 54,
S.P. = Rs. 85
Gain % = 31/64 x 100 = 48.4%.

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Q:

A salesman calculated his profit on the marked price and finds it to be 30%. He forgets the fact that he gave a discount of 20%. What is his actual profit percentage?   

A) 260/11% B) 18.4%
C) 22.5% D) 100/7%
 
Answer & Explanation Answer: D) 100/7%

Explanation:

When profit is calculated on Marked Price (M.P) then,

      • C.P = M.P - P%

Let M.P = 100

 => C.P = 100 - 30 = 70

 But S.P = Rs. 80 as he gave 20% discount,

 Now, Actual Profit = 80-7070x100

  = 100/7 %

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Q:

John sells his laptop to Mark at a loss of 20% who subsequently sells it to Kevin at a profit of 25%. Kevin after finding some defect in the laptop, returns it to Mark but could recover only Rs.4.50 for every Rs. 5 he had paid. Find the amount of Kevin’s loss if John had paid Rs. 1,75,000 for the laptop ?

A) Rs.16,500 B) Rs.17,500
C) Rs.14,200 D) Rs.15,520
 
Answer & Explanation Answer: B) Rs.17,500

Explanation:

Let’s assume John bought the laptop for Rs. 100
He then sells it to Mark at a loss of 20% => Rs. 80,
Who consequently sells it to Kevin at a profit of 25% =>  Rs. 100
Then, Kevin sells it back to Mark for Rs. 90 (Rs.4.50 for every Rs. 5 that he had paid initially), so he suffers a loss of Rs. 10
Therefore, for Rs. 100 there is a loss of Rs. 10,
Then for Rs. 1,75,000 there will be a loss of Rs. 17,500.

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Q:

A trader mixes 36 kg of rice at Rs. 20 per kg with 14 kg of rice of other variety at Rs. 36 per kg and sells the mixture at Rs. 30 per kg. His profit percent is:

A) 25% B) 21.14%
C) 22.54% D) 27.32%
 
Answer & Explanation Answer: C) 22.54%

Explanation:

C.P. of 50 kg rice = Rs. (36 x 20 + 14 x 36) = Rs. (720 + 504) = Rs.1224.  

S.P. of 56 kg rice = Rs. (50 x 30) = Rs.1500.

Profit = 1500 - 1224 = Rs.276 

 

Profit % = ProfitC.P×100  = 2761224×100 = 22.54%.

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Q:

An item is sold at a loss of 10%. Had it sold for Rs. 9 more, a profit of 25/2% would have gained. What is the cost price of the item?

A) Rs. 90 B) Rs. 75
C) Rs. 55 D) Rs. 40
 
Answer & Explanation Answer: D) Rs. 40

Explanation:

Let the cost price of the item = Rs. 50

Sold at 10% loss => for Rs. 50 loss  S.P = Rs. 45

From the  given data,

25/2 % gain if it is sold at Rs. 9 more

56.25 - 45 = 9

=> 11.25 = 9

=> 22.5 = 18

=> 45 = 36

=> 50 = ?

=> C.P = 50 x 3645 = 40

 

Hence, the Cost price of the item = Rs. 40.

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Q:

A wholesale dealer allows a discount of 20 % on the marked price to the retailer. The retailer sells at 5% below the marked price. If the customer pays Rs.19 for an article, what profit is made by the retailer on it ?

A) Rs. 4 B) Rs. 3
C) Rs. 5 D) Rs. 1
 
Answer & Explanation Answer: B) Rs. 3

Explanation:

Let wholesaler dealers marked price = 100%, Retailer's C.P = 80%
And the retailer sells at 5% less than the marked price => S.P = 95%
If S.P of 95% of the retailer costs Rs.19 to customer,so its C.P of 80% will cost 80 x 19/95 = 16
Profit made by the retailer = 19-16 =  Rs.3

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Q:

A retailer buys product from a shopkeeper at discount of 40% on the list price (marked price) and sells them to the customer at a discount of 25% on the list price.What is his profit percentage ?

A) 10% B) 15%
C) 20% D) 25%
 
Answer & Explanation Answer: D) 25%

Explanation:

Let the list price be Rs.100. 

 

Therefore, the retailer is buying the products at Rs.60 and selling it to the customer at Rs.75, earning a profit of Rs.15.

 

Therefore, his percentage is = 1560x100 = 25%

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