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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:

By mixing two qualities of pulses in the ratio 2: 3 and selling the mixture at the rate of Rs 22 per kilogram, a shopkeeper makes a profit of 10 %. If the cost of the smaller quantity be Rs 14 per kg, the cost per kg of the larger quantity is:

A) Rs 23 B) Rs 25
C) Rs 24 D) Nonof these
 
Answer & Explanation Answer: C) Rs 24

Explanation:

Cost Price of 5 kg = Rs.(14*2 + x*3) = (28 + 3x).

Sell price of 5 kg = Rs. (22x5) = Rs. 110.

[{110 - (28 + 3x)}/(28 + 3x) ]* 100 =10

[82-3x/28 + 3x]= 1 / 10

820 - 30x = 28 +3x 

33x = 792 

x = 24

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59 21310
Q:

A milk man has 20 liters of milk. If he mixes 5 liters of water, which is freely available, in 20 liters of pure milk.If the cost of pure milk is Rs.18 per liter,then the profit of the milkman, when he sells all the mixture at cost price is:

A) 20% B) 25%
C) 33.33% D) 18%
 
Answer & Explanation Answer: B) 25%

Explanation:

when the water is freely available and all the water is sold at the price of the milk, then the water gives the profit on the cost of 20 liters of milk.

 Therefore, profit percentage = (5/20) x 100 =25 %       [ Profit %= (Profit/C.P)*100]

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55 20883
Q:

If the selling price of a mat is five times the discount offered and if the percentage of discount is equal to the percentage profit, find the ratio of the discount offered to the cost price.

A) 6:31 B) 11:30
C) 7:30 D) 31:6
 
Answer & Explanation Answer: C) 7:30

Explanation:

Since S.P. = 5 (M.P. - S.P.) => 5 M.P. = 6 S.P.
M.P. = (6/5) S.P.
Since the percentage discount = Percentage profit,
65S.P - S.P65S.P×100 = S.P -C.PC.P×100
Therefore, 1/6 = (S.P/C.P) – 1 => S.P = (7/6) C.P
M.P = 6/5 S.P = 6/5 x 7/6 C.P = 7/5 C.P
Therefore, Ratio of discount to C.P
= (M.P – S.P)/C.P = [{(7/5)C.P - (7/6)C.P} / C.P.]
= 7/30

 

Therefore, the ratio is 7 : 30

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32 20809
Q:

A man saves 20% of his monthly salary. If an account of dearness of things he is to increase his monthly expenses by 15%, he is only able to save Rs. 400 per month. What is his monthly salary ?

A) Rs. 6000 B) Rs. 4500
C) Rs. 5000 D) Rs. 6500
 
Answer & Explanation Answer: C) Rs. 5000

Explanation:

Income = Rs. 100

Expenditure = Rs. 80

Savings = Rs. 20

Present Expenditure 80x(15/100) = Rs. 12 = 80 + 12 = Rs. 92

Present Savings = 100 – 92 = Rs. 8

100 ------ 8
? --------- 400 => 5000

His salary = Rs. 5000

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24 20276
Q:

A sweet seller sells 3/5th part of sweets at a profit of 10% and remaining at a loss of 5%. If the total profit is Rs 1500, then what is the total cost price of sweets ?

A) Rs.37,500 B) Rs.36,400
C) Rs.37,415 D) Rs.36,500
 
Answer & Explanation Answer: A) Rs.37,500

Explanation:

Assume A be the cost price.

 

Therefore,
35×A×10100 - 25×A×5100 = 1500

 

=>  A = Rs 37,500.

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29 20098
Q:

A person sold two cows each for Rs.9900. If he gained 10% on one and lost 20% on the other, then which of the following is true?

A) He Gained Rs. 200 B) He lost Rs. 200
C) He neither gained nor lost D) None of the above
 
Answer & Explanation Answer: D) None of the above

Explanation:

The CP of profitable cow  = 9900/1.1 = 9000

 

and profit = Rs. 900

 

The  CP of loss yielding cow = 9900/0.8 = 12375

 

and loss = Rs. 2475

 

so, the net loss = 2475 - 900 = 1575

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26 18954
Q:

A guy walks into a store and steals Rs. 100 from the store without the owner's knowledge.
He then buys Rs. 60 worth of goods using that Rs. 100 and the owner gies Rs. 40 in change.

How much money did the owner lose?

A) RS. 200 B) Rs. 160
C) Rs. 100 D) Rs. 40
 
Answer & Explanation Answer: C) Rs. 100

Explanation:

The first lost Rs. 100, but after the thief bought Rs. 60 goods, he get that Rs. 100 back but he lost Rs. 60 value of goods and Rs. 40 in change.

 

So, a total of 60 + 40 = 100 Rs. the owner lose.

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16 18216
Q:

A retailer buys a radio for Rs 225. His overhead expenses are Rs 15. He sellis the radio for Rs 300. The profit percent of the retailer is

A) 10% B) 50%
C) 25% D) 52%
 
Answer & Explanation Answer: C) 25%

Explanation:

cost price = (225 + 15) = 240 sell price = 300
gain = (60/240)*100 = 25%

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44 17973