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:

Raghavendra sells a machine for Rs 43 lakhs at a loss. Had he sold it for Rs 52 lakh, his gain would have been 5 times the former loss. Find the cost price of the machine.

A) Rs 50.5 lakhs B) Rs 60.6 lakhs
C) Rs 44.5 lakhs D) Rs 38.5 lakhs
 
Answer & Explanation Answer: C) Rs 44.5 lakhs

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

2 1386
Q:

A shopkeeper sells wheat at a profit of 20% and for weighing uses a weight which is 10% less than the actual weight. What is his total profit percentage?

 

A) 31.24 B) 37.5  
C) 30   D) 33.33
 
Answer & Explanation Answer: D) 33.33

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

0 1376
Q:

X and Y started a business by investing Rs 171000 and Rs 243000 respectively. If X’s share in the profit earned at the end of year is Rs 3800, then what will be the total profit (in Rs) earned by them together?

 

 

A) 9200   B) 9600  
C) 8400   D) 8800
 
Answer & Explanation Answer: A) 9200  

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

1 1371
Q:

A table was sold at a profit of 10%. If its cost price was 5% less and it was sold for Rs. 7 more, the gain would have been 20%. Find the cost price of the table.

A) Rs. 175 B) Rs. 200
C) Rs. 250 D) Rs. 150
 
Answer & Explanation Answer: A) Rs. 175

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

5 1370
Q:

The selling price of an item inclusive of a 16% profit was Rs. 435. What would be the percentage loss if the item was sold for Rs. 330?

A) 13 B) 12
C) 12.5 D) 12.25
 
Answer & Explanation Answer: B) 12

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

1 1370
Q:

Vinay professes to lose 4% on sugar and uses a weight of 620 gm instead of 1 kg. What is the total profit percentage?

 

A) 44.24   B) 34.14  
C) 35.41   D) 54.84
 
Answer & Explanation Answer: D) 54.84

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

3 1361
Q:

A shopkeeper marks the price of an article at Rs. 320. Find the cost price if after allowing a discount of 10%, he still gains 20% on the cost price.

A) Rs. 240 B) Rs. 280
C) Rs. 300 D) Rs. 264
 
Answer & Explanation Answer: A) Rs. 240

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

0 1360
Q:

P, Q and R are partners in a company. In any year P receives 1/9 part of profit, Q receives 1/6 part of profit and R receives Rs 130000. How much amount (in Rs) will P get as profit?

A) 40000 B) 36000
C) 18000 D) 20000
 
Answer & Explanation Answer: D) 20000

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

2 1358