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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 retailer buys a radio for Rs 225. His overhead expenses are Rs 15. He sellis the radio for Rs 300. The profit percent of the retailer is

A) 10% B) 50%
C) 25% D) 52%
 
Answer & Explanation Answer: C) 25%

Explanation:

cost price = (225 + 15) = 240 sell price = 300
gain = (60/240)*100 = 25%

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44 18352
Q:

A car mechanic purchased four old cars for Rs. 1 lakh. He spent total 2 lakh in the maintenance and repairing of these four cars. what is the average sale price of the rest three cars to get 50% total profit if he has already sold one of the four cars at Rs. 1.2 lakh?

A) 1.5 lakh B) 1.1 lakh
C) 1.2 lakh D) 1.65 lakh
 
Answer & Explanation Answer: B) 1.1 lakh

Explanation:

Total cost of 4 cars =  1+2 = 3 lakh

 

Total S.P of 4 cars = 3 x 1.5 = 4.5 lakh   (Since S.P = 100 + Gain%100 x C.P)

 

 S.P of 1 car = 1.2 lakh 

 

S.P of rest 3 cars = 4.5 - 1.2 = 3.3 lakh

 

 Average S.P of all the 3 cars = 1.1 lakh

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64 17568
Q:

A man buys an item at Rs. 1200 and sells it at the loss of 20 percent. Then what is the selling price of that item

A) Rs. 660 B) Rs. 760
C) Rs. 860 D) Rs. 960
 
Answer & Explanation Answer: D) Rs. 960

Explanation:

Here always remember, when ever x% loss,
it means S.P. = (100 - x)% of C.P
when ever x% profit,
it means S.P. = (100 + x)% of C.P

So here will be (100 - x)% of C.P.
= 80% of 1200
= (80/100) * 1200
= 960

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32 17330
Q:

If the cost price of a certain object doubles, then the loss gets tripled of what it was initially. The initial loss % was ?

A) 0 % B) 25 %
C) 75 % D) 50 %
 
Answer & Explanation Answer: D) 50 %

Explanation:

Let the cost price be x and selling price be y.
Loss = x – y

 

When the cost price doubles, the loss gets tripled.
So it becomes like this, 2x – y = 3(x-y)

=> x = 2y

 

Loss % = (loss/ C.P) x 100 = [(2y-y)/2y] x 100= 50 %

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24 16800
Q:

The marked price of an article is increased  by 25% and the selling price is increased by 16.66%, then the amount of profit doubles. If the original marked price  be Rs. 400 which is greater than the corresponding cost price by 33.33% , what is the increased selling price?

A) 240 B) 360
C) 420 D) 600
 
Answer & Explanation Answer: C) 420

Explanation:

Initially                 CP           profit            SP                MP

 

                              100           x               (100+x)         133.33

 

After Change     100           2x             (100+x)   

 

Now,   Since (100+x)  - 100 = 2x

 

           76 x= 20%

 

                         CP            Profit              SP             MP

 

                        100             20               120           133.33

 

So,                  300             60               360             400

 

Again             300            120              420

 

So the increased selling price = Rs. 420

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62 16483
Q:

A seller uses 840 gm in place of 1 kg to sell his goods. Find his actual profit/loss % When he sells his article on 4% loss on cost price ?

A) 14.28 % profit B) 24.18 % profit
C) 14.28 % loss D) 24.18 % loss
 
Answer & Explanation Answer: A) 14.28 % profit

Explanation:

Let 1kg of Rs. 100 then 840gm is of Rs. 84.
Now (label on can 1kg but contains 840kg ) so for customer it is of Rs. 100 and further gives 4% discount [he sells his article on 4% loss on cost price.]
So now S.P = Rs. 96
But actually it contains 840 gm so C.P for shopkeeper = Rs. 84
S.P = Rs. 96
C.P = Rs. 84
Profit% = {(S.P-C.P)/C.P}x100
{(96-84)/84} x 100 = 14.28571429% PROFIT.

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22 16414
Q:

A shopkeeper fixes the marked price of an item 35% above its cost price. The percentage of discount allowed to gain 8% is

A) 18% B) 20%
C) 22% D) 24%
 
Answer & Explanation Answer: B) 20%

Explanation:

Let the cost price = Rs 100
then, Marked price = Rs 135

Required gain = 8%,
So Selling price = Rs 108
Discount = 135 - 108 = 27

Discount% = (27/135)*100 = 20%

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29 16206
Q:

A merchant buys two items for Rs. 7500. One item he sells at a profit of 16% and the other item at 14% loss. In the deal, the merchant makes neither any profit nor any loss. What is the difference between the selling price of both the items?

A) Rs. 620 B) Rs. 654
C) Rs. 725 D) Rs. 747
 
Answer & Explanation Answer: A) Rs. 620

Explanation:

Let the C.P of one item is Rs. P
and that of other is Rs. (7500 - P)

According to the data given
C.P = S.P
=> Px(116/100) + (7500-P)x(86/100) = 7500
=> 30P = 105000
=> P = 3500

Required difference between selling prices
= Rs. [(3500/100) x 116] - [(4000/100) x 86]
= 4060-3440
= Rs. 620

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