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 wholesaler sells a good to a retailer at a profit of 5% and the retailer sells it to a customer at a profit of 10%. If the customer pays Rs. 2,000, what had it cost (in Rs) the wholesaler?

A) 1731.6 B) 3210.6
C) 1931.6 D) 2310.6
 
Answer & Explanation Answer: A) 1731.6

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Q:

A trader had 2000 kgs of rice. He sold a part of it at 10% profit and the rest at 16% profit, so that he made a total profit of 14.2%. How much rice (in kg) did he sell at 10% profit?

A) 1400 B) 600
C) 800 D) 1000
 
Answer & Explanation Answer: B) 600

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3 1044
Q:

A man sells an article at 15% profit. If he had sold it for . 6 more, he would have gained 18%. The man bought the article for

A) 100 B) 150
C) 200 D) 250
 
Answer & Explanation Answer: C) 200

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Q:

Shiv sold a shirt for Rs. 184 at a loss of 8%. To make a profit of 5% he should have sold the shirt for

A) Rs. 210 B) Rs. 197
C) Rs. 207.92 D) Rs. 200
 
Answer & Explanation Answer: A) Rs. 210

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6 1037
Q:

A bookseller bought 500 text books for  20,000. He wanted to sell them at a profit so that he get 50 books free. At what profit percent should he sell them?

A) 10 B) 20
C) 15 D) 10.5
 
Answer & Explanation Answer: A) 10

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Q:

A vendor buys some lemons at the rate of 11 for Rs 10 and sells at the rate of 4 for Rs 5. What will be the result?

A) 37.5 percent loss B) 27.27 percent gain
C) 37.5 percent gain D) 27.2 percent loss
 
Answer & Explanation Answer: C) 37.5 percent gain

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Q:

If the rice is sold at Rs 56 per kg, there would be a 40% loss. To earn a profit of 20% what should be the price of rice (per kg)?

A) 112 B) 108
C) 116 D) 124
 
Answer & Explanation Answer: A) 112

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Q:

A shopkeeper buys a product of Rs 150 per Kg. 15% of product was damaged. At what price (per Kg) should he sell the remaining so as to earn a profit of 20%?

A) Rs. 207 B) Rs. 207 11/180
C) Rs. 211 13/17 D) Rs. 204 7/13
 
Answer & Explanation Answer: C) Rs. 211 13/17

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