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:

The marked price of a calculator is Rs 750. It is sold at a discount of 22%. If the cost price of the calculator is Rs 500, then what is the profit (in Rs)?

 

A) 85   B)  105  
C)  95   D) 115
 
Answer & Explanation Answer: A) 85  

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Q:

R and S started a business by investing Rs 165000 and Rs 195000 respectively for the same period of time. If R’s share in the profit earned by them is Rs 11000, then what is the total profit (in Rs) earned by both of them together?

A) 22000 B) 40000
C) 26000 D) 24000
 
Answer & Explanation Answer: D) 24000

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Q:

When Bablu decreases the selling price of the shoes from Rs. 360 to Rs. 345, his loss increases by 4%. The cost price of the shoes is

A) Rs. 275 B) Rs. 375
C) Rs. 425 D) Rs. 450
 
Answer & Explanation Answer: B) Rs. 375

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Q:

Raghavendra sells a machine for Rs 43 lakhs at a loss. Had he sold it for Rs 52 lakh, his gain would have been 5 times the former loss. Find the cost price of the machine.

A) Rs 50.5 lakhs B) Rs 60.6 lakhs
C) Rs 44.5 lakhs D) Rs 38.5 lakhs
 
Answer & Explanation Answer: C) Rs 44.5 lakhs

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Q:

A shopkeeper cheats to the extent of 11% while buying and selling fruits, by using tampered weights. His total gain in percentage is

A) 23.25 B) 23.21
C) 23.75 D) 23.5
 
Answer & Explanation Answer: B) 23.21

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Q:

Mr. Mahesh sold a bus for Rs. 22,100 with a loss of 15%. At what price should the bus be sold to get a profit of 15%?

A) 29,700 B) 30,000
C) 29,800 D) 29,900
 
Answer & Explanation Answer: D) 29,900

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Q:

Raghuram sells a machine for Rs 43 lakhs at a loss. Had he sold it for Rs 53 lakh, his gain would have been 7 times the former loss. Find the cost price of the machine.

A) Rs 51.75 lakhs B) Rs 59.14 lakhs
C) Rs 36.75 lakhs D) Rs 44.25 lakhs
 
Answer & Explanation Answer: D) Rs 44.25 lakhs

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Q:

A product was sold foe Rs. 4,500 at a profit of 12.5%. What was the amount of profit?

A) Rs. 125 B) Rs. 250
C) Rs. 500 D) Rs. 300
 
Answer & Explanation Answer: C) Rs. 500

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