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 shopkeeper, sold dried apricots at the rate Rs 1210 a kg and bears a loss of 12%. Now if he decides to sell it at Rs 1331 per kg, what will be the result?

A) 6.4 percent loss B) 3.2 percent gain
C) 6.4 percent gain D) 3.2 percent loss
 
Answer & Explanation Answer: D) 3.2 percent loss

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Q:

The marked price of a helmet is 30% more than its cost price. If the helmet is sold for Rs 744 after a discount of Rs 36, then what will be the profit percentage?

A) 24 B) 18
C) 21 D) 27
 
Answer & Explanation Answer: A) 24

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Q:

A shopkeeper purchased 510 eggs at the rate of Rs. 20 per dozen. 30 eggs were broken on the way. In order to make a gain of 20%, he must sell the remaining eggs at the rate of

A) Rs. 22.50 per dozen B) Rs. 25.50 per dozen
C) Rs. 26 per dozen D) Rs. 26.50 per dozen
 
Answer & Explanation Answer: B) Rs. 25.50 per dozen

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Q:

A shopkeeper by selling 9 Rolex watches, earns a profit equal to the selling price of 4 Rolex watches. His profit percentage is

A) 44.4 percent B) 88.8 percent
C) 80 percent D) 8.8 percent
 
Answer & Explanation Answer: C) 80 percent

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Q:

The marked price is 10% higher than the cost price . A discount of 10% is given to the marked price . In this kind of sale the seller

A) bears no gain , no loss B) gains
C) loses 1% D) None of these
 
Answer & Explanation Answer: C) loses 1%

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Q:

A wholesaler sells a watch to a retailer at a gain of 35% and the retailer sells it to a customer at a loss of 25%. If the customer pays Rs 2379.375, what had it cost the wholesaler?

A) Rs 2350 B) Rs 2409
C) Rs 2928 D) Rs 2291
 
Answer & Explanation Answer: A) Rs 2350

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Q:

Deepak sells all his goods available in his shop at the cost price, but he cheats his customer and gives 20% less goods as he should give. Find his % profit.

A) 30% B) 33%
C) 25% D) 20%
 
Answer & Explanation Answer: C) 25%

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Q:

To dispose of the old stocks, a person sold a tea-set for Rs. 3420, which was 43% below the cost price. In order to make a profit of 10% the seller should have sold the set for Rs. ___ more.

A) Rs. 3180 B) Rs. 2580
C) Rs. 1812.60 D) Rs. 2664.42
 
Answer & Explanation Answer: A) Rs. 3180

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