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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:

Akash starts a business with Rs 85000 and Payal joins him with Rs 102000. If the profit at the end of a year is divided in the ratio 1 : 1, then after how many months did Payal join Akash?

A) 3 B) 2
C) 9 D) 8
 
Answer & Explanation Answer: B) 2

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Q:

Cost price of a calculator is Rs 495. If the profit percentage is 40%, then what is the value (in Rs) of profit?

A) 226 B) 198
C) 186 D) 218
 
Answer & Explanation Answer: B) 198

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Q:

Raghunandan sells a machine for Rs 45 lakhs at a loss. Had he sold it for Rs 55 lakh, his gain would have been 9 times the former loss. Find the cost price of the machine.

A) Rs 54 lakhs B) Rs 46 lakhs
C) Rs 60 lakhs D) Rs 38 lakhs
 
Answer & Explanation Answer: B) Rs 46 lakhs

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Q:

The difference between the selling prices of an article sold at 4% and 3% profits is Rs.3 The cost price of the article is :

A) Rs. 400 B) Rs. 350
C) Rs. 300 D) Rs. 100
 
Answer & Explanation Answer: C) Rs. 300

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Q:

A shopkeeper, sold cocoa seeds at the rate Rs 1330 a kg and bears a loss of 15%. Now if he decides to sell it at Rs 1463 per kg, what will be the result?

A) 13 percent loss B) 6.5 percent gain
C) 6.5 percent loss D) 13 percent gain
 
Answer & Explanation Answer: C) 6.5 percent loss

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Q:

When a discount of 20% is given on a lunch buffet, the profit is 42%. If the discount is 15%, then the profit is

A) 57 percent B) 50.875 percent
C) 63.125 percent D) 44.75 percent
 
Answer & Explanation Answer: B) 50.875 percent

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Q:

Rohit wants to earn 21% profit on a belt after offering 45% discount. By how much percentage more should he mark the price of his article above the costprice?

A) 75.45 B) 120
C) 66 D) 102.5
 
Answer & Explanation Answer: B) 120

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Q:

A dishonest milkman buys milk at Rs 30 per litre and adds 1/5 of water to it and sells the mixture at Rs 32 per litre. What will be his gain?

A) 33.33 percent B) 50 percent
C) 28 percent D) 25 percent
 
Answer & Explanation Answer: C) 28 percent

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