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:

A shopkeeper, sold cashew nuts at the rate Rs 1,260 a kg and bears a loss of 8%. Now if he decides to sell it at Rs 1,386 per kg, what will be the result?

A) 1.2 percent gain B) 2.4 percent gain
C) 1.2 percent loss D) 2.4 percent loss
 
Answer & Explanation Answer: A) 1.2 percent gain

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Q:

A rice trader buys 8 quintals of rice for Rs 3,600. 10% rice is lost in transportation. At what rate should he sell to earn 15% profit?

A) Rs 352.1 per quintal B) Rs 517.5 per quintal
C) Rs 575 per quintal D) Rs 582.3 per quintal
 
Answer & Explanation Answer: C) Rs 575 per quintal

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Q:

A wholesaler sells a jacket to a retailer at a profit of 25% and the retailer sells it to a customer at a profit of 20%. If the customer pays Rs. 2,400, what had it cost (in Rs) the wholesaler?

A) 2000 B) 1600
C) 1800 D) 2250
 
Answer & Explanation Answer: B) 1600

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Q:

Surbhi invested Rs.6000 for 5 months and Urba invested Rs.5000 for 6 months in a venture. The ratio in which they will share the profits is

A) 36:25 B) 6:5
C) 5:6 D) 1:1
 
Answer & Explanation Answer: D) 1:1

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Q:

A man sells an article at 15% profit. If he had sold it for . 6 more, he would have gained 18%. The man bought the article for

A) 100 B) 150
C) 200 D) 250
 
Answer & Explanation Answer: C) 200

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Q:

A dishonest milkman buys milk at Rs 30 per litre and adds 1/5 of water to it and sells the mixture at Rs 32 per litre. What will be his gain?

A) 33.33 percent B) 50 percent
C) 28 percent D) 25 percent
 
Answer & Explanation Answer: C) 28 percent

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Q:

A shopkeeper, sold walnuts at the rate Rs 1,190 a kg and bears a loss of 10%. Now if he decides to sell it at Rs 1,249.5 per kg, what will be the result?

A) 11 percent loss B) 5.5 percent loss
C) 5.5 percent gain D) 11 percent gain
 
Answer & Explanation Answer: B) 5.5 percent loss

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3 2039
Q:

A person sells wheat at a profit of 30%. If he reduces its selling price by Rs 60, then he suffers a loss of 10%. What was the initial selling price (in Rs)of the wheat?

 

A) 195 B) 210
C) 180 D) 130
 
Answer & Explanation Answer: A) 195

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