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 man purchased a bullock and a cart for Rs 1800. He sold the bullock at a profit of 20% and the cart at a profit of 30%.His total profit was 155/6 %. Find the cost price of bullock.

A) Rs 650 B) Rs 750
C) Rs 900 D) Rs 800
 
Answer & Explanation Answer: B) Rs 750

Explanation:

CP of bullock and cart = 1800

Let price of bullock be x and cart be (1800 –x)

SP of bullock and cart = 1800 + 155/6 X 1800 = 2265

Also, 1.2x + 1.3 (1800 –x) = 2265

⇒1.2x –1.3x = -75

⇒x = 750

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Q:

The total cost of a washing machine with a toaster was Rs 10500. The toaster was sold at a profit of 22% and the washing machine at a loss of 12%. If the sale price was the same in both the items, then the cost price of the cheaper item was ______.

A) Rs 4100 B) Rs 3250
C) Rs 7100 D) Rs 4400
 
Answer & Explanation Answer: D) Rs 4400

Explanation:
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Q:

In a business, A invested 1200 rs. more than B. B invested his amount for 15 months while A invested for 4 months more than that of B. If total profit was 1240 rs. in which the profit of B is 280 Rs. less than that if A. then what was the invested amount of A?

A) 6000 B) 7000
C) 5000 D) 8000
 
Answer & Explanation Answer: A) 6000

Explanation:

Ans. 
Let B’s investment = x rs.
∴ A’s investment =( x + 1200) rs.
Ratio of the profits of A and B = (x+1200)*(15+4):x*15 = {19(x+1200)}:15x
Now,let the total profit of A =y
∴ total profit of B = (y-280)
But total profit = 1240
⇒y+(y-280)=1240
⇒2y=1520
⇒y= 760
∴profit of A = 760rs.
Profit of B = 760-280=480 rs.
Ratio of profits= 760:480 = 19:12
According to the question,

19(x+1200)/15x = 19/12

12x+14400 = 15x

⇒3x = 14400
⇒x = 4800 rs.
⇒investment of A = 4800+1200
                          = 6000 rs.

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Q:

Arun is a cashew merchant in Telangana. He has cashews in sealed wooden boxes of 10kg each. The price of the cashew increases by Rs.20 per kg for every year, but at the same time, 10% of the cashews are eaten by rodents every year. If the price of a 1 kg of fresh cashew is Rs.120, what is the change in his profits if he sells a sealed box after one year of storage, rather than selling it fresh ? (In Rs.)

A) Rs. 60 B) Rs. 54
C) Rs. 80 D) Rs. 75
 
Answer & Explanation Answer: A) Rs. 60

Explanation:

Price of 1kg fresh cashew = Rs.120
Therefore, price of 10kg = Rs.120 x 10 = Rs.1200

10% of 10kg which eaten by rodents = 10 x 10/100 = 1kg.

So, End of Year he had 10kg - 1kg = 9kg

So, he sells that 9kg with Rs.20 per kg profit = 9 x 140 = 1260.

He buy 10kg wooden box with cashew for Rs.1200 and sell that for Rs. 1260

So, profit = 1260 - 1200 = Rs.60 more money he get.

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Q:

The cost price of a college bag is 240% more than the profit obtained on it selling at Rs. 1540. What is the cost price of that college bag?

A) Rs. 1190 B) Rs. 1288
C) Rs. 1365 D) Rs. 1452
 
Answer & Explanation Answer: A) Rs. 1190

Explanation:

Let the profit be Rs. p

Then Cost price of the bag = 340p/100 = 3.4p

According to question,

3.4p + p = 1540

4.4p = 1540

p = 1540/4.4

p = 350

The profit p = Rs, 350

 

Hence, The cost price of the bag = 3.4p = 3.4 x 350 = Rs. 1190.

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Q:

A farmer buys a goat and a sheep for Rs 3500. He sold the sheep at a profit of 20 percent and the goat at a loss of 10 percent. If he sold both the animals at the same price, then the cost price (in Rs) of the cheaper animal was?

A) 2000 B) 1500
C) 1750 D) 2250
 
Answer & Explanation Answer: B) 1500

Explanation:
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Q:

There are two shopkeepers, first shopkeeper calculates his profit percent on the selling price whereas the second shopkeeper calculates his profit percent on the cost price. If the selling price for both the shopkeeper is same and the difference between their profits is Rs.175. Then, calculate the sum of the cost price for both the shopkeeper if the profit percent for the both shopkeeper is 25%?

A) Rs 5425  B) Rs 4875 
C)  Rs 4675  D)  Rs 5275 
 
Answer & Explanation Answer: A) Rs 5425 

Explanation:

Let the selling price for each of the shopkeeper be Rs 100x

For 1st shopkeeper

SP= Rs 100x

CP=100

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Q:

A man sell 35 waffers for Rs. 15 each and loses Rs. 40.4. If he sells 35 waffers for Rs. 18, how much does he loss or gain ?

A) Rs. 64 B) Rs. 52
C) Rs. 72 D) Rs. 55
 
Answer & Explanation Answer: A) Rs. 64

Explanation:

Given Loss = Rs. 40.4
We know loss = cost price - selling price
40.4 = CP - 35(15)
=> CP = 40.4 + 525
=> CP = Rs. 565.4
Now the New selling price of waffer is Rs. 18
=> SP = 35(18) = 630
Now Gain = SP - CP = 630 -565.4 = Rs. 64.6.

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