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ExamsProfit 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=(x10)2
8. If a trader Professes to sell his goods at cost price, but uses false weihts, then
Gain % =[ErrorTrue Value - Error×100]%