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:

Junko sold an item for Rs. 220 at a loss of 12%. By how much should she have raised the price to make a profit of 10% ?

A) Rs. 25 B) Rs. 48.40
C) Rs. 44 D) Rs. 55
 
Answer & Explanation Answer: D) Rs. 55

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Q:

If a merchant offers a discount of 25% on the list price, then he makes a loss of 5%. What % profit or % loss will he make if he sells at a discount of 10% of the list price?

A) 5.5 percent loss B) 14 percent profit
C) 50 percent profit D) 26 percent loss
 
Answer & Explanation Answer: B) 14 percent profit

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Q:

A wholesaler sells a watch to a retailer at a gain of 20% and the retailer sells it to a customer at a loss of 10%. If the customer pays Rs 874.8, what had it cost the wholesaler?

A) Rs 945 B) Rs 810
C) Rs 994 D) Rs 675
 
Answer & Explanation Answer: B) Rs 810

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Q:

A fan was sold for Rs. 3600 at a loss of 4%. What would be the gain or loss percent ifit was sold for Rs. 4200?

A) Gain 10% B) Gain 12%
C) Loss 12% D) Loss 10%
 
Answer & Explanation Answer: B) Gain 12%

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Q:

Mahesh buys a watch of Rs 300 and sells it. Mahesh gives two successive discount of 15% and 6% to the buyer. What will be the selling price (in Rs) ofthe watch?

A) 213.4 B) 242.3
C) 239.7 D) 247.4
 
Answer & Explanation Answer: C) 239.7

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Q:

The total cost of a stove with cooker was Rs 13,125. The cooker was sold at a profit of 30% and the stove at a loss of 20%. If the sale price was the same in both the items, then the cost price of the cheaper item was

A) Rs 8125 B) Rs 5000
C) Rs 6562.5 D) Rs 6175
 
Answer & Explanation Answer: B) Rs 5000

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Q:

X, Y and Z are partners in a company. In one year X receives 1/4 part of profit, Y receives 1/5 part of profit and Z receives Rs 22000. How much amount (in Rs) will X get as profit?

 

A) 10000 B) 12000
C) 15000 D) 18000
 
Answer & Explanation Answer: A) 10000

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Q:

Profit of Rs 936000 has to be divided among three partners Anirudhha, Balwant and Charudatta in the ratio 2:3:5. How much does Charudatta get?

A) 280800 B) 187200
C) 468000 D) 2340000
 
Answer & Explanation Answer: C) 468000

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