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 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 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 wholesaler had 200 dozens of mangoes. He sold some of these mangoes at 20% profit and the rest at 10% profit, so that he made 13% profit on selling all the mangoes. How many mangoes (in dozens) did he sell at 20% profit?

A) 140 B) 60
C) 80 D) 120
 
Answer & Explanation Answer: B) 60

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Q:

A trader sells two items at the rate of Rs 400 each. If he gains 15% on one and losses 15% on other, then what is the value (in Rs) of loss ?

A) 18.41 B) 22.14
C) 20.25 D) 24.36
 
Answer & Explanation Answer: A) 18.41

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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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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 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:

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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