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 person sold his pen for Rs 24 and his profit percentage was numerically equal to the cost price. What was the cost price (in Rs) of the pen?

A) 12 B) 14
C) 16 D) 20
 
Answer & Explanation Answer: D) 20

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Q:

A man sells two articles. The cost price of the first article is equal to the selling price of the second article. The first article is sold at a profit of 20% and the second articles is sold at a loss of 20%. What is the ratio of the selling price of the first article and the cost price of the second article?

A) 24 : 25 B) 25 : 24
C) 29 : 27 D) 27 : 29
 
Answer & Explanation Answer: A) 24 : 25

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7 3576
Q:

Raghu bought an article for Rs. 14,360 and spent Rs. 240 on its transportation. At what amount he has to sell it to get a profit of 15%? (in Rs.)

A) ₹ 16,000 B) ₹ 16,790
C) ₹ 16,150 D) ₹ 16.500
 
Answer & Explanation Answer: B) ₹ 16,790

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Q:

A man buys a trouser in Rs.1250. By reduction of 20% in the price of trouser, he can purchase a t-shirt also in the same amount that was initially paid for the trouser. Find the price of the t-shirt?

A) Rs. 250 B) Rs. 125
C) Rs. 225 D) Rs. 200
 
Answer & Explanation Answer: A) Rs. 250

Explanation:

Initial amount spent on trouser by the man = Rs. 1250

Now, by the reduction of 20% in 1250, he can buy t-shirt too.

=> t-shirt cost = 20% of 1250 = 20 x 1250/100 = 250

 

Therefore, the price of the t-shirt = Rs. 250.

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7 3463
Q:

By selling 90 pens for Rs 80 a man loses 20%. What should be the selling price (in Rs) of 90 pens for 20% profit?

A) 90 B) 100
C) 110 D) 120
 
Answer & Explanation Answer: D) 120

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Q:

If 60% discount is offered on the marked price and selling price becomes equal to cost price then what was the % mark up?

A) 100 B) 250
C) 150 D) 40
 
Answer & Explanation Answer: C) 150

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Q:

The difference between cost price and selling price is Rs 451. If loss percentage is 11%, then what is the selling price (in Rs)?

A) 3254 B) 3649
C) 3857 D) 4100
 
Answer & Explanation Answer: B) 3649

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7 3322
Q:

Cost of 8 pencils, 5 pens and 3 erasers is Rs 111. Cost of 9 pencils, 6 pens and 5 erasers is Rs 130. Cost of 16 pencils, 11 pens and 3 erasers is Rs 221. What is the cost (in Rs) of 39 pencils, 26 pens and 13 erasers?

A) 316 B) 546
C) 624 D) 482
 
Answer & Explanation Answer: B) 546

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