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 merchant buys 25 litres of milk daily at the rate of Rs.12 per litre. He mixes 5 litres of water in it and sells at the rate Rs.10.40 per litre. His gain/loss is:

A) 8% profit B) 2% profit
C) 4% profit D) 6% profit
 
Answer & Explanation Answer: C) 4% profit

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Q:

A shopkeeper purchased 10 boxes of pencils containing 10 pencils each at Rs. 100 per box and sold each pencil at a profit 12%. What is the total sale price?

A) Rs.1100 B) Rs.1120
C) Rs.1200 D) Rs.1210
 
Answer & Explanation Answer: B) Rs.1120

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Q:

The cost price of 60 articles is same as the selling price of x articles. If there is a profit of 20%, then what is the value of x?

A) 15 B) 30
C) 50 D) 80
 
Answer & Explanation Answer: C) 50

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Q:

Oil equal to 20% of the weight of ground nut is extracted in a mill. The matter left after extraction is sold as cattle feed at the rate of Rs 12.5/kg. The groundnuts are bought at Rs 20/kg. The processing cost is Rs 5/kg. At what price (Rs per kg) should the oil be sold to earn 20% profit on total costs (Total cost = Cost of groundnuts and Processing costs)?

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

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Q:

A man bought 500 metres of electronic wire at 50 paise per metre. He sold 50% of it at a profit of 5%. At what percent should he sell the remainder so as to gain 10% on the whole transaction?

A) 13% B) 12.5%
C) 15% D) 20%
 
Answer & Explanation Answer: A) 13%

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Q:

An item is sold at two successive gains of 30% and 20%. If the final selling price is Rs 31200, then what is the cost price (in Rs)?

 

A) 15000 B) 20000
C) 22250 D) 24000
 
Answer & Explanation Answer: B) 20000

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Q:

If the cost price of 48 articles is equal to the selling price of 32 articles, then what is the profit percentage?

A) 20 B) 25
C) 50 D) 75
 
Answer & Explanation Answer: C) 50

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Q:

The cost price of 25 books is equal to the selling price of 20 books. The profit percent is

A) 20% B) 22%
C) 24% D) 25%
 
Answer & Explanation Answer: D) 25%

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