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:

Cost price of an article is Rs 5800. If the loss percentage is 33%, then what is the selling price (in Rs) of the article?

A) 3886 B) 3424
C) 4420 D) 5168
 
Answer & Explanation Answer: A) 3886

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Q:

The marked price of an article is 40% more than its cost price. If 15% discount is given on the marked price, then what will be the profit percentage?

A) 25 B) 15
C) 21 D) 19
 
Answer & Explanation Answer: D) 19

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Q:

A wholesaler sells a jacket to a retailer at a profit of 25% and the retailer sells it to a customer at a profit of 20%. If the customer pays Rs. 2,400, what had it cost (in Rs) the wholesaler?

A) 2000 B) 1600
C) 1800 D) 2250
 
Answer & Explanation Answer: B) 1600

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Q:

Profit of Rs 728000 has to be divided among three partners Amir, Balaraj and Charan in the ratio 7:5:4. How much share (in Rs) does Charan get?

A) 227500 B) 318500
C) 91000 D) 182000
 
Answer & Explanation Answer: D) 182000

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Q:

A shopkeeper, sold cashew nuts at the rate Rs 1,260 a kg and bears a loss of 8%. Now if he decides to sell it at Rs 1,386 per kg, what will be the result?

A) 1.2 percent gain B) 2.4 percent gain
C) 1.2 percent loss D) 2.4 percent loss
 
Answer & Explanation Answer: A) 1.2 percent gain

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Q:

Raj sells a machine for Rs 51 lakhs at a loss. Had he sold it for Rs 60 lakh, his gain would have been 8 times the earlier loss. What is the cost price of the machine?

A) Rs 59 lakhs B) Rs 52 lakhs
C) Rs 66.375 lakhs D) Rs 45 lakhs
 
Answer & Explanation Answer: B) Rs 52 lakhs

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Q:

A dishonest milkman buys milk at Rs 24 per litre and adds 1/3 of water to it and sells the mixture at Rs 32 per litre. What is his gain?

A) 33.33 percent B) 50 Percent
C) 77.78 percent D) 66.67 percent
 
Answer & Explanation Answer: C) 77.78 percent

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Q:

A shopkeeper, sold walnuts at the rate Rs 1,190 a kg and bears a loss of 10%. Now if he decides to sell it at Rs 1,249.5 per kg, what will be the result?

A) 11 percent loss B) 5.5 percent loss
C) 5.5 percent gain D) 11 percent gain
 
Answer & Explanation Answer: B) 5.5 percent loss

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