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:

Ravi sold a smartphone for Rs. 30,000. Had he offered a discount of 10% on the selling price(SP), he would have earned a profit of 35%. What is the cost price?

A) Rs. 20,000 B) Rs. 22,000
C) Rs. 24,000 D) Rs. 26,000
 
Answer & Explanation Answer: A) Rs. 20,000

Explanation:
30,000*90/100 = 27000
27,000 = CP*135*/100
CP = 20000
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Q:

In what ratio sugar at Rs 30/kg should be mixed with sugar at Rs 45/kg so that on selling the mixture at Rs 42/kg there is a profit of 20%?

A) 2 : 1 B) 2 : 3
C) 5 : 2 D) 3 : 7
 
Answer & Explanation Answer: A) 2 : 1

Explanation:
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Q:

If a saree is sold for Rs 2880 the seller will face 10% loss, at what price (in Rs) should he sell to gain 20% profit?

A) 4830 B) 3840
C) 3480 D) 4380
 
Answer & Explanation Answer: B) 3840

Explanation:
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Q:

A rice trader buys 20 quintals of rice for Rs 8,580. However, 22% rice is lost in transportation. At what rate should he sell to earn 20% profit?

A) Rs 278.8 per quintal B) Rs 514.8 per quintal
C) Rs 660 per quintal D) Rs 654.2 per quintal
 
Answer & Explanation Answer: C) Rs 660 per quintal

Explanation:
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Q:

Mohit sells a table at a profit of 25%. If he reduces its selling price by Rs 240, then he suffers a loss of 5%. What was the initial selling price (in Rs) of the table?

A) 800 B) 1000
C) 1040 D) 1120
 
Answer & Explanation Answer: B) 1000

Explanation:
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Q:

While selling an article for Rs 18450, a person suffered a loss of 50%. At what price he should have sold the article (in Rs) to earn a profit of 50%?

A) 13837 B) 52000
C) 55350 D) 56775
 
Answer & Explanation Answer: C) 55350

Explanation:
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Q:

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
 
Answer & Explanation Answer: B) 25 percent gain

Explanation:
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Q:

The marked price of a chair is 40% more than its cost price. If the chair is sold for Rs 520 after a discount of Rs 40, then what will be the profit percentage?

A) 33 B) 40
C) 25 D) 30
 
Answer & Explanation Answer: D) 30

Explanation:
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