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:

A vendor sells a coconut at Rs 24 and suffers 24% loss. If he wants to make 14% profit, then at what price (in Rs) should he sell?

A) 32 B) 30
C) 36 D) 28
 
Answer & Explanation Answer: C) 36

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3 1799
Q:

By selling cloth at Rs. 9 per metre , a shopkeeper loses 10% . Find the rate at which it should be sold so as to earn profit of 15%

A) Rs.11.20 B) Rs.11.30
C) Rs.11.40 D) Rs.11.50
 
Answer & Explanation Answer: D) Rs.11.50

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Q:

A wholesaler sold a water purifier at a loss of 40%. If the selling price has been increased by Rs. 125, then wholesaler will get the profit of 10%. What was the cost price of the purifier?

A) Rs. 250 B) Rs. 225
C) Rs. 275 D) Rs. 300
 
Answer & Explanation Answer: B) Rs. 225

Explanation:
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5 1795
Q:

A trader buys 500 kgs of cotton for Rs 9,000. 10% of this cotton is spoiled due to rain. At what rate (Rs/Kg) should he sell the rest to earn 10% profit?

A) 25 B) 30
C) 22 D) 20
 
Answer & Explanation Answer: C) 22

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4 1791
Q:

Rajesh sells a machine for Rs 57 lakhs at a loss. Had he sold it for Rs 67 lakh, his gain would have been 7 times the former loss. Find the cost price of the machine.

A) Rs 58.25 lakhs B) Rs 65.75 lakhs
C) Rs 75.14 lakhs D) Rs 50.75 lakhs
 
Answer & Explanation Answer: A) Rs 58.25 lakhs

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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

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1 1789
Q:

A trader had 630 kgs of rice. He sold a part of it at 15% profit and the rest at 8% profit, so that he made a total profit of 12%. How much rice (in kgs) did he sell at 8% profit?

A) 270 B) 300
C) 280 D) 290
 
Answer & Explanation Answer: A) 270

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