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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

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

A trader sells two items at the rate of Rs 400 each. If he gains 15% on one and losses 15% on other, then what is the value (in Rs) of loss ?

A) 18.41	B) 22.14
C) 20.25	D) 24.36

A) 18.41

B) 22.14

C) 20.25

D) 24.36

Answer & Explanation Answer: A) 18.41

Explanation:

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0 1837

A trader had 6 quintals of wheat. He sold a part of it at 7% profit and the rest at 17% profit, so that he made a total profit of 11%. How much wheat did he sell at 17% profit?

A) 360 kg	B) 240 kg
C) 120 kg	D) 480 kg

A) 360 kg

B) 240 kg

C) 120 kg

D) 480 kg

Answer & Explanation Answer: B) 240 kg

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1 1833

A trader marks his goods in such a way that after allowing a discount of 10% he gains 15%. If an article costs him Rs. 720, his marked price is

A) Rs.920	B) Rs.900
C) Rs.820	D) Rs.950

A) Rs.920

B) Rs.900

C) Rs.820

D) Rs.950

Answer & Explanation Answer: A) Rs.920

Explanation:

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5 1817

A shopkeeper by selling 21 items earns a profit equal to the selling price of 1 item. What is his profit percentage?

A) 5.5	B) 2.2
C) 2	D) 5

A) 5.5

B) 2.2

C) 2

D) 5

Answer & Explanation Answer: D) 5

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4 1815

A wholesaler had 200 dozens of mangoes. He sold some of these mangoes at 20% profit and the rest at 10% profit, so that he made 13% profit on selling all the mangoes. How many mangoes (in dozens) did he sell at 20% profit?

A) 140	B) 60
C) 80	D) 120

A) 140

B) 60

C) 80

D) 120

Answer & Explanation Answer: B) 60

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0 1814

A vendor buys oranges at the rate of 5 for Rs 6 and sells at the rate of 2 for Rs 3. What will be the result?

A) 25 percent loss	B) 25 percent gain
C) 20 percent gain	D) 20 percent loss

A) 25 percent loss

B) 25 percent gain

C) 20 percent gain

D) 20 percent loss

Answer & Explanation Answer: B) 25 percent gain

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3 1805

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?