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:

Selling price of a calculator is Rs 13924 and profit percentage is 18%. If selling price is Rs 10266, then what will be the loss percentage?

A) 17.2 B) 13
C) 14.9 D) 11
 
Answer & Explanation Answer: B) 13

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Q:

The difference between cost price and selling price is Rs 576. If the profit percentage is 16%, then what is the cost price (in Rs)?

A) 3024 B) 4176
C) 3600 D) 3800
 
Answer & Explanation Answer: C) 3600

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Q:

Dealer purchased an article for Rs. 900 and fixes the list price in such a way that he gains 20% after allowing 10% discount, then the list price is

A) Rs.1180 B) Rs.1080
C) Rs.1200 D) Rs.1100
 
Answer & Explanation Answer: C) Rs.1200

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Q:

A sells a watch to B and makes a loss of 12%. B makes a profit of 12.5% by selling the watch to C. If A sells the watch to B at the cost of which C purchased it, then the percentage of loss or profit of A will be,

A) 1% loss B) 1% profit
C) 2% loss D) 2% profit
 
Answer & Explanation Answer: A) 1% loss

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Q:

The total cost of a stove with cooker was Rs 13,125. The cooker was sold at a profit of 30% and the stove at a loss of 20%. If the sale price was the same in both the items, then the cost price of the cheaper item was

A) Rs 8125 B) Rs 5000
C) Rs 6562.5 D) Rs 6175
 
Answer & Explanation Answer: B) Rs 5000

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Q:

A rice trader buys 12 quintals of rice for Rs 1,870. 15% rice is lost in transportation. At what rate should he sell to earn 20% profit?

A) Rs 110.3 per quintal B) Rs 187 per quintal
C) Rs 220 per quintal D) Rs 224 per quintal
 
Answer & Explanation Answer: C) Rs 220 per quintal

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Q:

If a person bought an item for Rs. 60 and sold it at a profit of 25%, the selling price of the item would be

A) Rs. 84 B) Rs. 72
C) Rs. 75 D) Rs. 80
 
Answer & Explanation Answer: C) Rs. 75

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Q:

Mahesh buys a watch of Rs 300 and sells it. Mahesh gives two successive discount of 15% and 6% to the buyer. What will be the selling price (in Rs) ofthe watch?

A) 213.4 B) 242.3
C) 239.7 D) 247.4
 
Answer & Explanation Answer: C) 239.7

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