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:

Cost price of 28 articles is equal to Sale price of 21 articles, then percentage of profit is

A) 12% B) 33 1⁄3 %
C) 20% D) 22%
 
Answer & Explanation Answer: B) 33 1⁄3 %

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Q:

A vendor sells a coconut at Rs 24 and suffers 24% loss. If he wants to make 14% profit, then at what price (in Rs) should he sell?

A) 32 B) 30
C) 36 D) 28
 
Answer & Explanation Answer: C) 36

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3 1038
Q:

A used two-wheeler dealer sells a scooter for Rs 46,000 and makes some loss. If he had sold it for Rs 58,000 his profit would have been double his loss. What was the cost price (in Rs) of the scooter?

A) 52000 B) 54000
C) 48000 D) 50000
 
Answer & Explanation Answer: D) 50000

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1 1034
Q:

Akash starts a business with Rs 85000 and Payal joins him with Rs 102000. If the profit at the end of a year is divided in the ratio 1 : 1, then after how many months did Payal join Akash?

A) 3 B) 2
C) 9 D) 8
 
Answer & Explanation Answer: B) 2

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3 1032
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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4 1029
Q:

If a vendor sells a coconut at Rs 24 he makes 20% loss. If he sells at Rs 36 then what is his profit percentage?

A) 10 B) 20
C) 30 D) 40
 
Answer & Explanation Answer: B) 20

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Q:

A sells a watch to B and makes a loss of 12%. B makes a profit of 12.5% by selling the watch to C. If A sells the watch to B at the cost of which C purchased it, then the percentage of loss or profit of A will be,

A) 1% loss B) 1% profit
C) 2% loss D) 2% profit
 
Answer & Explanation Answer: A) 1% loss

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5 1022
Q:

A wholesaler sells a jacket 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. 4158, what had it cost (in Rs) to the wholesaler?

A) 3500 B) 3400
C) 3300 D) 3600
 
Answer & Explanation Answer: D) 3600

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