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 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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Q:

A home theatre set is Rs. 4950. If two successive discounts of 20% and 15% are given, then its selling price is

A) Rs.3366 B)  Rs.6633
C)  Rs.3636 D) Rs.6363
 
Answer & Explanation Answer: A) Rs.3366

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Q:

The marked price of a chair is Rs 550 and a discount of 20% is given on it. What is the selling price (in Rs)?

A) 440 B) 430
C) 470 D) 390
 
Answer & Explanation Answer: A) 440

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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:

Rajan sells a machine for Rs 52 lakhs at a loss. Had he sold it for Rs 62 lakh, his gain would have been 9 times the former loss. What is the cost price of the machine?

A) Rs 61 lakhs B) Rs 53 lakhs
C) Rs 67.77 lakhs D) Rs 45 lakhs
 
Answer & Explanation Answer: B) Rs 53 lakhs

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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:

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:

D sells a table to E at a profit of 30% and E sells it to F at a loss of 30%. What is the ratio of cost prices of D and F?

 

A) 100:91   B)  100:130  
C)  100:126   D) 1:1
 
Answer & Explanation Answer: A) 100:91  

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