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 Profit and Loss Questions

Popular Latest Rated Important Formulae

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:

John sells his laptop to Mark at a loss of 20% who subsequently sells it to Kevin at a profit of 25%. Kevin after finding some defect in the laptop, returns it to Mark but could recover only Rs.4.50 for every Rs. 5 he had paid. Find the amount of Kevin’s loss if John had paid Rs. 1,75,000 for the laptop ?

A) Rs.16,500 B) Rs.17,500
C) Rs.14,200 D) Rs.15,520
 
Answer & Explanation Answer: B) Rs.17,500

Explanation:

Let’s assume John bought the laptop for Rs. 100
He then sells it to Mark at a loss of 20% => Rs. 80,
Who consequently sells it to Kevin at a profit of 25% =>  Rs. 100
Then, Kevin sells it back to Mark for Rs. 90 (Rs.4.50 for every Rs. 5 that he had paid initially), so he suffers a loss of Rs. 10
Therefore, for Rs. 100 there is a loss of Rs. 10,
Then for Rs. 1,75,000 there will be a loss of Rs. 17,500.

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15 9710
Q:

If 60% of total articles are sold at a loss of 50% and remaining articles are sold at a profit of 50%, then what will be the overall loss percentage?

A) 20 B) 15
C) 25 D) 10
 
Answer & Explanation Answer: D) 10

Explanation:
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3 9459
Q:

A salesman calculated his profit on the marked price and finds it to be 30%. He forgets the fact that he gave a discount of 20%. What is his actual profit percentage?   

A) 260/11% B) 18.4%
C) 22.5% D) 100/7%
 
Answer & Explanation Answer: D) 100/7%

Explanation:

When profit is calculated on Marked Price (M.P) then,

      • C.P = M.P - P%

Let M.P = 100

 => C.P = 100 - 30 = 70

 But S.P = Rs. 80 as he gave 20% discount,

 Now, Actual Profit = 80-7070x100

  = 100/7 %

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18 9390
Q:

The marked price of an article is increased by 25% and the selling price is increased by 16.66%, then the amount of profit doubles. If the original marked price be Rs. 400 which is greater than the corresponding cost price by 33.33%, what is the increased selling price?

A) Rs. 380 B) Rs. 420
C) Rs. 460 D) Rs. 440
 
Answer & Explanation Answer: B) Rs. 420

Explanation:

As given in the question, Marked price is 25% more than the Cost price.

=> C.P of the article = 34 x 400 = 300 

Now, 

Let the original S.P of the article be Rs. P

Now the new S.P = P + 16.666 +13.333300 x P 

=> S.P = 7P6

According to the question,

7P6 - 300 = 2P - 300

=> 5P = 1800

=> P = Rs. 360

Hence, the increased S.P = 360 x 7/6 = Rs. 420. 

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11 9355
Q:

An item is sold at a loss of 10%. Had it sold for Rs. 9 more, a profit of 25/2% would have gained. What is the cost price of the item?

A) Rs. 90 B) Rs. 75
C) Rs. 55 D) Rs. 40
 
Answer & Explanation Answer: D) Rs. 40

Explanation:

Let the cost price of the item = Rs. 50

Sold at 10% loss => for Rs. 50 loss  S.P = Rs. 45

From the  given data,

25/2 % gain if it is sold at Rs. 9 more

56.25 - 45 = 9

=> 11.25 = 9

=> 22.5 = 18

=> 45 = 36

=> 50 = ?

=> C.P = 50 x 3645 = 40

 

Hence, the Cost price of the item = Rs. 40.

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15 9321
Q:

A trader sold an article at profit of 20%. Had he bought that article at 60% less price and sold it at Rs 90 less, then he would have gained 50%. What is the value (in Rs) of cost price?

A) 150 B) 200
C) 250 D) 300
 
Answer & Explanation Answer: A) 150

Explanation:
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4 9191
Q:

In a certain Business, the profit is 220% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit ?

A) 61% B) 75%
C) 55% D) 81%
 
Answer & Explanation Answer: A) 61%

Explanation:

Let C.P.= Rs. 100.

Then, Profit = Rs.220, 

S.P. = Rs.320.

 

New C.P. = 125% of Rs. 100 = Rs. 125 

New S.P. = Rs.320.

Profit = Rs. (320 - 125) = Rs. 195

 

Required percentage = 195320×100== 60.9 =~ 61%

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7 9013
Q:

The market price of an article was 40% more than its cost price. Rana was going to sell it at market price to a customer, but he showed Rana some defects in the article, due to which Rana gave him a discount of 28.57%. Next day he came again and showed Rana some more defects, hence he gave him another discount that was equal to 12.5% of the cost price. What was the approximate profit/loss to Rana ?

A) Loss of 12.5% B) Profit of 12.5%
C) Loss of 24.5% D) Profit of 22.5%
 
Answer & Explanation Answer: A) Loss of 12.5%

Explanation:

Let the cost price be Rs. 100
Then, market price is Rs. 140
Now, the first discount is of 28.57% Rs.140 =~ Rs. 40
Hence, its selling price = 140 - 40 = Rs. 100
Now since Rana is selling at cost price, any further discount will be equal to loss percentage.
The next dicount of 12.5% will be the loss percentage to Rana.

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