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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:

Manisha went to shop with certain amount, with which she can buy 50 Chacobar or 40 Fivestar. She uses 10% amount for petrol and out of the remaining balance, she purchases 20 Fivestar and some Chacobar. Find the number of Chacobar she can buy?

A) 20 B) 24
C) 26 D) 28
 
Answer & Explanation Answer: A) 20

Explanation:

Let the total amount be 200 {L.C.M of 40 and 50}

Chacobar C.P. = 200/50 = 4

Fivestar C.P = 200/40 = 5

Remaining Money after petrol = [200 - 200×10%] = 180

Remaining money after buying fivestars = [180 - 20×5] = 80

So number of Chacobar she can buy = 80/4 = 20

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17 4923
Q:

A man purchased a bullock and a cart for Rs 1800. He sold the bullock at a profit of 20% and the cart at a profit of 30%.His total profit was 155/6 %. Find the cost price of bullock.

A) Rs 650 B) Rs 750
C) Rs 900 D) Rs 800
 
Answer & Explanation Answer: B) Rs 750

Explanation:

CP of bullock and cart = 1800

Let price of bullock be x and cart be (1800 –x)

SP of bullock and cart = 1800 + 155/6 X 1800 = 2265

Also, 1.2x + 1.3 (1800 –x) = 2265

⇒1.2x –1.3x = -75

⇒x = 750

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2 4882
Q:

Two items A and B have equal cost price. Item A is sold at 40% profit and item B is sold at an amount 20% less than the selling price of item A. If the total profit is 156 Rs then find the cost price of A.

A) Rs. 300 B) Rs. 350
C) Rs. 400 D) Rs. 450
 
Answer & Explanation Answer: A) Rs. 300

Explanation:

Let the cost price of A as well as B is 100 Rs.
Then, ATQ:
Selling Price of A = 100+40 = 140
And Selling Price of B = 140 - (140*0.2) = 140 - 28 = 112
Total selling price = 140+112 = 252 Rs.
Total Cost price = Rs. 200
So by taking cost price = 100 Rs.
Total profit = 52 Rs.
Total profit will be Rs. 156 when cost price = (100/52)*156 = Rs. 300.

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3 4869
Q:

The total cost of a washing machine with a toaster was Rs 10500. The toaster was sold at a profit of 22% and the washing machine at a loss of 12%. If the sale price was the same in both the items, then the cost price of the cheaper item was ______.

A) Rs 4100 B) Rs 3250
C) Rs 7100 D) Rs 4400
 
Answer & Explanation Answer: D) Rs 4400

Explanation:
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3 4853
Q:

Karthik incurred a loss of 40 percent on selling an article for Rs. 5,640. At what price should he have sold the item to have profit of 25%?

A) Rs. 11750 B) Rs. 12550
C) Rs. 13650 D) Rs. 11550
 
Answer & Explanation Answer: A) Rs. 11750

Explanation:

From the given data,

The cost price of the article = 5640 x 100/60 = Rs. 9400

The selling price of the article to gain 25% profit = 9400 x 125/100 = Rs. 11750.

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21 4832
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 4714
Q:

The cost price of a college bag is 240% more than the profit obtained on it selling at Rs. 1540. What is the cost price of that college bag?

A) Rs. 1190 B) Rs. 1288
C) Rs. 1365 D) Rs. 1452
 
Answer & Explanation Answer: A) Rs. 1190

Explanation:

Let the profit be Rs. p

Then Cost price of the bag = 340p/100 = 3.4p

According to question,

3.4p + p = 1540

4.4p = 1540

p = 1540/4.4

p = 350

The profit p = Rs, 350

 

Hence, The cost price of the bag = 3.4p = 3.4 x 350 = Rs. 1190.

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14 4464
Q:

A farmer buys a goat and a sheep for Rs 3500. He sold the sheep at a profit of 20 percent and the goat at a loss of 10 percent. If he sold both the animals at the same price, then the cost price (in Rs) of the cheaper animal was?

A) 2000 B) 1500
C) 1750 D) 2250
 
Answer & Explanation Answer: B) 1500

Explanation:
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10 4453