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 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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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

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2 1603
Q:

A trader had 9 quintals of wheat. He sold a part of it at 10% profit and the rest at 20% profit, so that he made a total profit of 14 %. How much wheat did he sell at 20% profit?

A) 540 kg B) 360 kg
C) 180 kg D) 720 kg
 
Answer & Explanation Answer: B) 360 kg

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Q:

A trader marks his goods in such a way that after allowing a discount of 10% he gains 15%. If an article costs him Rs. 720, his marked price is

A) Rs.920 B) Rs.900
C) Rs.820 D) Rs.950
 
Answer & Explanation Answer: A) Rs.920

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5 1602
Q:

A shopkeeper, sold cocoa seeds at the rate Rs 1,230 a kg and bears a loss of 5%. Now if he decides to sell it at Rs 1,353 per kg, what will be the result?

A) 4.5 percent gain B) 9 percent gain
C) 4.5 percent loss D) 9 percent loss
 
Answer & Explanation Answer: A) 4.5 percent gain

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3 1600
Q:

A trader had 16 quintals of wheat. He sold a part of it at 17% profit and the rest at 27% profit, so that he made a total profit of 21%. How much wheat did he sell at 27% profit?

A) 960 kg B) 640 kg
C) 320 kg D) 1280 kg
 
Answer & Explanation Answer: B) 640 kg

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4 1599
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

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Q:

A trader had 22 quintals of wheat. He sold a part of it at 23% profit and the rest at 33% profit, so that he made a total profit of 27%. How much wheat did he sell at 33% profit?

A) 1320 kg B) 440 kg
C) 880 kg D) 1760 kg
 
Answer & Explanation Answer: C) 880 kg

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