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 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 = 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 milkman buys milk at Rs 24 per litre. He adds 1/5 of water to it and sells the mixture at Rs 32 per litre. What will be his gain (in %)?

A) 50 B) 40
C) 30 D) 60
 
Answer & Explanation Answer: D) 60

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Q:

A shopkeeper purchased 10 boxes of pencils containing 10 pencils each at Rs. 100 per box and sold each pencil at a profit 12%. What is the total sale price?

A) Rs.1100 B) Rs.1120
C) Rs.1200 D) Rs.1210
 
Answer & Explanation Answer: B) Rs.1120

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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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Q:

A wholesaler sells a watch to a retailer at a gain of 37% and the retailer sells it to a customer at a loss of 25%. If the customer pays Rs 2,620.125, what had it cost the wholesaler?

A) Rs 2550 B) Rs 2692
C) Rs 3327 D) Rs 2408
 
Answer & Explanation Answer: A) Rs 2550

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Q:

Rajeev sells a machine for Rs 55 lakhs at a loss. Had he sold it for Rs 67 lakh, his gain would have been 5 times the former loss. Find the cost price of the machine.

A) Rs 65 lakhs B) Rs 57 lakhs
C) Rs 78 lakhs D) Rs 49 lakhs
 
Answer & Explanation Answer: B) Rs 57 lakhs

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Q:

Loss of 20% on selling price is equal to x% loss in cost price. What is x?

A) 20% B) 20
C) 16 2/3% D) 16
 
Answer & Explanation Answer: C) 16 2/3%

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Q:

A dishonest dealer professes to sell his goods at cost price but uses a weight of 875 gms for the kilogram weight. His gain in percentage is

A) 17% B) 14 5/7%
C) 14 2/7% D) 14%
 
Answer & Explanation Answer: C) 14 2/7%

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Q:

Manik marks the price of his toys 40% above the cost price. If he allows 20% discount, then what is the profit or loss percentage?

A) 4% profit B) 12% profit  
C) 8% loss D) 12% loss
 
Answer & Explanation Answer: B) 12% profit  

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