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:

On selling rice for Rs. 45 per kg, a shopkeeper bears loss of 20%. To earn a profit of 20%, the selling price should be

A) Rs. 67.50 B) Rs. 65
C) Rs. 70 D) Rs. 60
 
Answer & Explanation Answer: A) Rs. 67.50

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

2 1875
Q:

A man buys 3 type-I cakes and 6 type-II cakes for Rs. 900. He sells type-I cakes at a profit of 15% and type-II cakes at a loss of 10%. If his overall profit is Rs.30, the cost price (in Rs.) of a type-I and of a type-II cakes is

A) 100, 100 B) 160, 70
C) 180, 60 D) 120, 90
 
Answer & Explanation Answer: B) 160, 70

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

2 1870
Q:

Rajeev sells a machine for Rs 55 lakhs at a loss. Had he sold it for Rs 67 lakh, his gain would have been 5 times the former loss. Find the cost price of the machine.

A) Rs 65 lakhs B) Rs 57 lakhs
C) Rs 78 lakhs D) Rs 49 lakhs
 
Answer & Explanation Answer: B) Rs 57 lakhs

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

4 1854
Q:

A rice trader buys 20 quintals of rice for Rs 8,580. However, 22% rice is lost in transportation. At what rate should he sell to earn 20% profit?

A) Rs 278.8 per quintal B) Rs 514.8 per quintal
C) Rs 660 per quintal D) Rs 654.2 per quintal
 
Answer & Explanation Answer: C) Rs 660 per quintal

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

3 1849
Q:

An article is listed at Rs 2375. A man purchases it at two successive discounts of 50% and 25% and spends Rs 165 on repairing of article. If he sells thearticle at a profit of 62.5%, then what is the selling price (in Rs) of the article?

A) 1467.6 B) 1492.6
C) 1715.39 D) 1467.6
 
Answer & Explanation Answer: C) 1715.39

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

3 1848
Q:

Mohit buys an old bicycle for Rs 2700 and spends Rs 500 on its repairs. If he sells the bicycle for Rs 3520, then what is his profit percentage?

A) 10 B) 12.5
C) 15 D) 20
 
Answer & Explanation Answer: A) 10

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

4 1845
Q:

A villager buys a goat and a sheep together for Rs 14,250. He sold the sheep at a profit of 10% and the goat at a loss of 20%. If he sold both the animals at the same price , then what was the cost price of the cheaper animal?

A) 8250 B) 6600
C) 7500 D) 6000
 
Answer & Explanation Answer: D) 6000

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

4 1844
Q:

If a merchant offers a discount of 10% on the list price, then she makes a loss of 25%. What % profit or % loss will she make if she sells at a discount of 20% of the list price?

A) 5 percent profit B) 33.33 percent loss
C) 90 percent profit D) 20 percent profit
 
Answer & Explanation Answer: B) 33.33 percent loss

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Profit and Loss
Exam Prep: Bank Exams

1 1839