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:

Yaman sold an item at a loss of 10%. If he had sold it for Rs.57 more, he would have made a profit of 20%. What should be the selling price of the item to make a profit of 30%?

A) Rs.247 B) Rs.190
C) Rs.228 D) Rs.222.30
 
Answer & Explanation Answer: A) Rs.247

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Q:

P, Q and R are partners in a company. In any year P receives 1/9 part of profit, Q receives 1/6 part of profit and R receives Rs 130000. How much amount (in Rs) will P get as profit?

A) 40000 B) 36000
C) 18000 D) 20000
 
Answer & Explanation Answer: D) 20000

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2 902
Q:

Surbhi invested Rs.6000 for 5 months and Urba invested Rs.5000 for 6 months in a venture. The ratio in which they will share the profits is

A) 36:25 B) 6:5
C) 5:6 D) 1:1
 
Answer & Explanation Answer: D) 1:1

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Q:

A shopkeeper allows a discount of 20% to his customers and still gains 25%. Find the Marked price of an article which costs Rs.600 to the shopkeeper.

A) Rs.937.50 B) Rs.937
C) Rs.930 D) Rs.1000
 
Answer & Explanation Answer: A) Rs.937.50

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6 895
Q:

Raghavendra sells a machine for Rs 43 lakhs at a loss. Had he sold it for Rs 52 lakh, his gain would have been 5 times the former loss. Find the cost price of the machine.

A) Rs 50.5 lakhs B) Rs 60.6 lakhs
C) Rs 44.5 lakhs D) Rs 38.5 lakhs
 
Answer & Explanation Answer: C) Rs 44.5 lakhs

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Q:

Vinay professes to lose 4% on sugar and uses a weight of 620 gm instead of 1 kg. What is the total profit percentage?

 

A) 44.24   B) 34.14  
C) 35.41   D) 54.84
 
Answer & Explanation Answer: D) 54.84

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Q:

If Reena sold 12 mobile phones for Rs. 1,88,160 which cost Rs. 14,056 per phone, what was the total profit made by her?

A) Rs. 19,488 B) Rs. 17,621
C) Rs. 21,014 D) Rs. 18,958
 
Answer & Explanation Answer: A) Rs. 19,488

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Q:

The selling price of an item inclusive of a 16% profit was Rs. 435. What would be the percentage loss if the item was sold for Rs. 330?

A) 13 B) 12
C) 12.5 D) 12.25
 
Answer & Explanation Answer: B) 12

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