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 wholesaler sells a watch to a retailer at a profit of 25% and the retailer sells it to a customer at a loss of 12%. If the customer pays Rs 1045, what had it cost the wholesaler?

A) Rs 950 B) Rs 1149
C) Rs 1244 D) Rs 751
 
Answer & Explanation Answer: A) Rs 950

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Q:

Raheem sells a machine for Rs 48 lakhs at a loss. Had he sold it for Rs 60 lakh, his gain would have been 5 times the former loss. Find the cost price of the machine.

A) Rs 58 lakhs B) Rs 69.6 lakhs
C) Rs 42 lakhs D) Rs 50 lakhs
 
Answer & Explanation Answer: D) Rs 50 lakhs

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Q:

A merchant buys 25 litres of milk daily at the rate of Rs.12 per litre. He mixes 5 litres of water in it and sells at the rate Rs.10.40 per litre. His gain/loss is:

A) 8% profit B) 2% profit
C) 4% profit D) 6% profit
 
Answer & Explanation Answer: C) 4% profit

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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:

An item is sold at two successive gains of 30% and 20%. If the final selling price is Rs 31200, then what is the cost price (in Rs)?

 

A) 15000 B) 20000
C) 22250 D) 24000
 
Answer & Explanation Answer: B) 20000

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Q:

The cost price of 60 articles is same as the selling price of x articles. If there is a profit of 20%, then what is the value of x?

A) 15 B) 30
C) 50 D) 80
 
Answer & Explanation Answer: C) 50

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Q:

A shopkeeper by selling 20 Timex watches, earns a profit equal to the selling price of 4 Timex watches. His profit percentage is

A) 20 percent B) 25 percent
C) 30 percent D) 50 percent
 
Answer & Explanation Answer: B) 25 percent

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Q:

A villager buys a goat and a sheep together for Rs 14,250. He sold the sheep at a profit of 10% and the goat at a loss of 20%. If he sold both the animals at the same price , then what was the cost price of the cheaper animal?

A) 8250 B) 6600
C) 7500 D) 6000
 
Answer & Explanation Answer: D) 6000

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