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Profit and Loss

Profit and Loss Questions

Popular Latest Rated Important Formulae

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 = $(\frac{P r o f i t}{C . P} \times 100)$

2. Loss percentage = $(\frac{L o s s}{C . P} \times 100)$

3. $S . P = [\frac{100 + G a i n %}{100} \times C . P] = [\frac{100 - L o s s %}{100} \times C . P]$

4. $C . P = [\frac{100}{100 + G a i n %} \times S . P] = [\frac{100}{100 - L o s s %} \times S . P]$

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 : $L o s s % = (\frac{C o m m o n L o s s a n d G a i n %}{10})^{2} = {(\frac{x}{10})}^{2}$

8. If a trader Professes to sell his goods at cost price, but uses false weihts, then

$G a i n % = [\frac{E r r o r}{T r u e V a l u e - E r r o r} \times 100] %$

The line passing through point (-3,1) and point (x,5) is parallel to the line passing through point (-2,-1) and point (6,3). What is the value of x?

A) -5	B) -2
C) 2	D) 5

A) -5

B) -2

C) 2

D) 5

Answer & Explanation Answer: D) 5

Explanation:

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0 1574

A contractor has got two orders A and B. On one (A) he spends Rs. 25,000 and makes a bill of Rs. 30,500. On the other (B) he makes a bill keeping a profit of 20%. Which of the two orders is more profitable to him?

A) B	B) A
C) A nor B	D) None of the above

A) B

B) A

C) A nor B

D) None of the above

Answer & Explanation Answer: B) A

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3 1569

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

A) 10000

B) 12000

C) 15000

D) 18000

Answer & Explanation Answer: A) 10000

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1 1569

A retailer gets a discount of 40% on the printed price of an article. The retailer sells it at the printed price. His gain percent is

A) 40	B) 55
C) 66 2/3	D) 75

A) 40

B) 55

C) 66 2/3

D) 75

Answer & Explanation Answer: C) 66 2/3

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1 1568

A vendor buys 6 bananas for Rs 25 and sells them at 3 for Rs 20. What is his profit percentage?

A) 50	B) 40
C) 60	D) 30

A) 50

B) 40

C) 60

D) 30

Answer & Explanation Answer: C) 60

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3 1557

U starts a business by investing Rs 45000 and V join him after one year with an amount of Rs 33000. After two years from the starting of business, they earned profit of Rs 16400. What will be the U’s share (in Rs) in the profit?

A) 11200	B) 9600
C) 10000	D) 12000

A) 11200

B) 9600

C) 10000

D) 12000

Answer & Explanation Answer: D) 12000

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2 1552

Rajat sells a machine for Rs 53 lakhs at a loss. Had he sold it for Rs 64 lakh, his gain would have been 10 times the former loss. Find the cost price of the machine.