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 shopkeeper, sold dried apricots at the rate Rs 1,310 a kg and bears a loss of 13%. Now if he decides to sell it at Rs 1,441 per kg, what will be the result?

A) 8.6 percent loss B) 4.3 percent gain
C) 4.3 percent loss D) 8.6 percent gain
 
Answer & Explanation Answer: C) 4.3 percent loss

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Q:

If a vendor sells apples at Rs 170 per kg he suffers 15% loss. If he sells at Rs 230 per kg, then what is his profit percentage?

A) 15 B) 10
C) 5 D) 20
 
Answer & Explanation Answer: A) 15

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Q:

Mahesh buys a watch of Rs 300 and sells it. Mahesh gives two successive discount of 15% and 6% to the buyer. What will be the selling price (in Rs) ofthe watch?

A) 213.4 B) 242.3
C) 239.7 D) 247.4
 
Answer & Explanation Answer: C) 239.7

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Q:

Rajat sells a machine for Rs 53 lakhs at a loss. Had he sold it for Rs 64 lakh, his gain would have been 10 times the former loss. Find the cost price of the machine.

A) Rs 63 lakhs B) Rs 69.3 lakhs
C) Rs 45 lakhs D) Rs 54 lakhs
 
Answer & Explanation Answer: D) Rs 54 lakhs

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Q:

X, Y and Z are partners in a company. In one year X receives 1/4 part of profit, Y receives 1/5 part of profit and Z receives Rs 22000. How much amount (in Rs) will X get as profit?

 

A) 10000 B) 12000
C) 15000 D) 18000
 
Answer & Explanation Answer: A) 10000

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Q:

What is the value of 513-144 - 81 - 64  ?

A) 22 B) 21
C) 28 D) 19
 
Answer & Explanation Answer: A) 22

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Q:

A wholesaler sells a watch to a retailer at a gain of 20% and the retailer sells it to a customer at a loss of 10%. If the customer pays Rs 874.8, what had it cost the wholesaler?

A) Rs 945 B) Rs 810
C) Rs 994 D) Rs 675
 
Answer & Explanation Answer: B) Rs 810

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Q:

A shopkeeper by selling 23 Lotto shoes, earns a profit equal to the selling price of 7 Lotto shoes. His profit percentage is

A) 43.75 percent B) 30.4 percent
C) 60.8 percent D) 17.05 percent
 
Answer & Explanation Answer: A) 43.75 percent

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