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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:

Two items A and B have equal cost price. Item A is sold at 40% profit and item B is sold at an amount 20% less than the selling price of item A. If the total profit is 156 Rs then find the cost price of A.

A) Rs. 300 B) Rs. 350
C) Rs. 400 D) Rs. 450
 
Answer & Explanation Answer: A) Rs. 300

Explanation:

Let the cost price of A as well as B is 100 Rs.
Then, ATQ:
Selling Price of A = 100+40 = 140
And Selling Price of B = 140 - (140*0.2) = 140 - 28 = 112
Total selling price = 140+112 = 252 Rs.
Total Cost price = Rs. 200
So by taking cost price = 100 Rs.
Total profit = 52 Rs.
Total profit will be Rs. 156 when cost price = (100/52)*156 = Rs. 300.

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3 3351
Q:

The annual salary of Arun is 7.68 lac. If he spends Rs. 12000 on his children, 1/13th of rest of the salary on food and Rs. 8000 in mutual funds, then find the monthly saving he is left with?

A) Rs. 38000/- B) Rs. 39500/-
C) Rs. 40000/- D) Rs. 41250/-
 
Answer & Explanation Answer: C) Rs. 40000/-

Explanation:

Annual salary of Arun = 7,68,000 Rs.
Monthly salary = 7,68,000/12 = Rs. 64,000
Spending on children = Rs. 12,000
Rest = 52,000
1/13th of the rest = 52,000/13 = Rs. 4,000 is spent on food.
Rs. 8,000 is spent in mutual funds.
Monthly savings = 64,000 - (12,000+4,000+8,000) = Rs. 40,000.

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2 3257
Q:

Anmol soldtwo items for Rs 1000 each. On one, he gained 10% and on other, he lost 10%. How much did he gain or lose in the whole transaction?

A) profit,0.95% B) loss,1%
C) profit,10% D) loss,10%
 
Answer & Explanation Answer: B) loss,1%

Explanation:

Let the two item be A and B.

Cost price of A be x and cost price of B be y.

A sold for Rs 1000 on 10 % gain = 1.1x =1000

x= 1000/1.1 = 909.09

B sold for Rs. 1000 on 10% loss = 0.9y =1000y= 1000/0.9 = 1111.11

Total cost price of A and B = 2020.20

Selling price of A and B = 2000

Loss % = (2020.20 –2000)/2000 X 100

= 1.01 % loss

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3 3162
Q:

If cost price of an article is 75% of its selling price, then what will be the profit percentage?

A) 23.47 B) 25
C) 33.33 D) 20
 
Answer & Explanation Answer: C) 33.33

Explanation:
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7 3017
Q:

A person sold his pen for Rs 24 and his profit percentage was numerically equal to the cost price. What was the cost price (in Rs) of the pen?

A) 12 B) 14
C) 16 D) 20
 
Answer & Explanation Answer: D) 20

Explanation:
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6 2989
Q:

If 60% discount is offered on the marked price and selling price becomes equal to cost price then what was the % mark up?

A) 100 B) 250
C) 150 D) 40
 
Answer & Explanation Answer: C) 150

Explanation:
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12 2970
Q:

A dealer sells two machines at Rs 12000 each. On one it gains 32% and on the other it looses 32%. What is its profit/loss percentage in the whole transaction?

A) No gain and no loss B) 1% loss
C) 18% profit D) 10.24% loss
 
Answer & Explanation Answer: D) 10.24% loss

Explanation:
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2 2938
Q:

If an article is sold at a gain of 6% instead of a loss of 6% the seller gets Rs. 6 more. What is the cost price of the article?

A) Rs. 18 B) Rs. 36
C) Rs. 42 D) Rs. 50
 
Answer & Explanation Answer: D) Rs. 50

Explanation:
Let CP be Rs x
Then
1.06x–0.94x = 6
So x = Rs 50
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