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 trader had 2000 kgs of rice. He sold a part of it at 10% profit and the rest at 16% profit, so that he made a total profit of 14.2%. How much rice (in kg) did he sell at 10% profit?

A) 1400 B) 600
C) 800 D) 1000
 
Answer & Explanation Answer: B) 600

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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:

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

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Q:

A dishonest shopkeeper uses a weight of 850 gm instead of 1 kg and sells rice on its cost price. What will be his profit percentage on selling 5 kg rice?

A) 18.24 B) 17.65
C) 15 D) 13.04
 
Answer & Explanation Answer: B) 17.65

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Q:

If a shop keeper marks his goods for a certain amount so as to get 25% gain after allowing a discount of 20%, then his marked price is

A) Rs.156.25 B) Rs.146.25
C) Rs.166.25 D) Rs.150.25
 
Answer & Explanation Answer: A) Rs.156.25

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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

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Q:

A shopkeeper by selling 21 items earns a profit equal to the selling price of 1 item. What is his profit percentage?

A) 5.5 B) 2.2
C) 2 D) 5
 
Answer & Explanation Answer: D) 5

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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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