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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:

Savita sold an item for 6,500 and incurred a loss of 20%. At what price should she have sold the item to have gained a profit of 20%?

A) 10,375 B) 9,750
C) 8,125 D) Cannot be determined
 
Answer & Explanation Answer: B) 9,750

Explanation:

C.P of article = 6500 * (100/80) = Rs. 8125 S.P for a gain of 20% = (8125*120)/100 = Rs. 9750

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Q:

A used car dealer sells a car for Rs 7.6 lakhs and makes some loss. If he had sold it for Rs 9.2 lakhs his profit would have been thrice his loss. What was the cost price of the car (in Rs lakhs)?

A) 8.5 B) 8.75
C) 8.25 D) 8
 
Answer & Explanation Answer: D) 8

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Q:

If a vendor sells a coconut at Rs 14.4 he makes 10% loss. If he wants to make 25% profit, then at what price (in Rs) should he sell?

A) 18 B) 20
C) 16 D) 22
 
Answer & Explanation Answer: B) 20

Explanation:
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Q:

Shivam Industries installed a flour mill for Rs. 300,000 five years ago. If the fixed annual rate of depreciation is 5% and they sold the mill for Rs. 250,000 their gain/loss % is?

 

 

A) No gain - No loss B) Loss 10%
C) Gain 12.5% D) Gain 10%
 
Answer & Explanation Answer: D) Gain 10%

Explanation:

Given that mill worth originally =3ooooo

Depreciation for 1 yr =300000x5/100= Rs. 15000

Then, depreciation for 5yrs = Rs. 75000

Value after 5yrs = 300000 - 75000 = Rs. 225000

Given Selling Price of the mill = Rs. 250000

Sp > CP

Gain = 250000 - 225000 = Rs. 25000

Gain% = 25000/250000 x 100 = 10%.

 

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Q:

A shopkeeper allows 25% discount on the marked price of an article and he suffered a loss of 15%. What will be the profit percent if the article is sold at marked price?

A) 11.76 B) 12.12
C) 13.33 D) 14.28
 
Answer & Explanation Answer: C) 13.33

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Q:

When a discount of 20% is given on a pizza, the profit is 32%. If the discount is 18%, then the profit is

A) 50 percent B) 64.7 percent
C) 35.3 percent D) 20.6 percent
 
Answer & Explanation Answer: C) 35.3 percent

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Q:

Shiv sold a shirt for Rs. 184 at a loss of 8%. To make a profit of 5% he should have sold the shirt for

A) Rs. 210 B) Rs. 197
C) Rs. 207.92 D) Rs. 200
 
Answer & Explanation Answer: A) Rs. 210

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Q:

If the selling price is tripled and cost price doubled the profit would become 65%. What is the present profit (in %)?

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

Explanation:
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