Profit and Loss Questions

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 man sells two articles. The cost price of the first article is equal to the selling price of the second article. The first article is sold at a profit of 20% and the second articles is sold at a loss of 20%. What is the ratio of the selling price of the first article and the cost price of the second article?

A) 24 : 25 B) 25 : 24
C) 29 : 27 D) 27 : 29
 
Answer & Explanation Answer: A) 24 : 25

Explanation:
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7 2193
Q:

Cost of 8 pencils, 5 pens and 3 erasers is Rs 111. Cost of 9 pencils, 6 pens and 5 erasers is Rs 130. Cost of 16 pencils, 11 pens and 3 erasers is Rs 221. What is the cost (in Rs) of 39 pencils, 26 pens and 13 erasers?

A) 316 B) 546
C) 624 D) 482
 
Answer & Explanation Answer: B) 546

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5 2154
Q:

A bottle is sold at a loss of 9%. Had it sold for Rs. 15 more, a profit of 25/2% would have gained. What is the cost price of the bottle (approx)?

A) Rs. 32 B) Rs. 35
C) Rs. 36 D) Rs. 33
 
Answer & Explanation Answer: B) Rs. 35

Explanation:

Let the cost price of the bottle = Rs. 100

Selling price of the bottle = Rs. 100 - Rs. 9 = Rs. 91

Then, from the given data,

=> 112 (1/2) - 91 = 15

=> 21 (1/2) = 15

=> 43 = 15

Then 100 = ?

1500/43 = 34.885 =~ 35

Hence, the cost price of the bottle = Rs. 35

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5 2137
Q:

A man buys a trouser in Rs.1250. By reduction of 20% in the price of trouser, he can purchase a t-shirt also in the same amount that was initially paid for the trouser. Find the price of the t-shirt?

A) Rs. 250 B) Rs. 125
C) Rs. 225 D) Rs. 200
 
Answer & Explanation Answer: A) Rs. 250

Explanation:

Initial amount spent on trouser by the man = Rs. 1250

Now, by the reduction of 20% in 1250, he can buy t-shirt too.

=> t-shirt cost = 20% of 1250 = 20 x 1250/100 = 250

 

Therefore, the price of the t-shirt = Rs. 250.

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7 2118
Q:

The annual salary of Arun is 7.68 lac. If he spends Rs. 12000 on his children, 1/13th of rest of the salary on food and Rs. 8000 in mutual funds, then find the monthly saving he is left with?

A) Rs. 38000/- B) Rs. 39500/-
C) Rs. 40000/- D) Rs. 41250/-
 
Answer & Explanation Answer: C) Rs. 40000/-

Explanation:

Annual salary of Arun = 7,68,000 Rs.
Monthly salary = 7,68,000/12 = Rs. 64,000
Spending on children = Rs. 12,000
Rest = 52,000
1/13th of the rest = 52,000/13 = Rs. 4,000 is spent on food.
Rs. 8,000 is spent in mutual funds.
Monthly savings = 64,000 - (12,000+4,000+8,000) = Rs. 40,000.

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2 2057
Q:

Buy at 30 cell at 50. What is the profit percentage?

A) 20% B) 40%
C) 45% D) 35%
 
Answer & Explanation Answer: B) 40%

Explanation:

Cost price = Rs. 30

Selling price = Rs. 50

Gain = Rs. 20

Profit % = Gain/cost price x 100 = 20/50 x 100 = 40%

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13 1946
Q:

A shopkeeper sells a table at a discount of 20% and earns a profit of 60%. If he sells the same table at 40% discount, then what will be his new profit percent?

A) 20 B) 30
C) 35 D) 40
 
Answer & Explanation Answer: A) 20

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Q:

A trader sold an article at profit of 20%. Had he bought that article at 60% less price and sold it at Rs 90 less, then he would have gained 50%. What is the value (in Rs) of cost price?

A) 150 B) 200
C) 250 D) 300
 
Answer & Explanation Answer: A) 150

Explanation:
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