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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:

A shopkeeper sells two articles at Rs.1000 each, making a profit of 20% on the first article and a loss of 20% on the second article. Find the net profit or loss that he makes?

A) 2% B) 4%
C) 3% D) 2.5%
 
Answer & Explanation Answer: B) 4%

Explanation:

SP of first article = 1000

Profit = 20%

CP = 100100+P×SP= 5000/6 = 2500/3


SP of second article = 1000

Loss = 20%

CP = 100100-L×SP= 5000/4 = 1250


Total SP = 2000

Total CP = 25003+ 1250 = 6250/3

CP is more than SP, he makes a loss.

Loss = CP-SP = (6250/3)- 2000 = 250/3


Loss Percent =250362503×100= 4%

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5 5660
Q:

Mr. X sold two properties P1 and P2 for Rs 1,00,000 each. He sold property P1 for 20% less than what he paid for it. What is the percentage of profit of property P2, so that he is not in gain or loss on the sale of two properties?

A) 33.33% B) 29.97%
C) 25% D) 22.22%
 
Answer & Explanation Answer: A) 33.33%

Explanation:

Let 'A' be the cost price of property P1.

Then from the given data, the selling price of P1 = Rs. 1,00,000

He got 20% loss on selling P1

⇒A - 20A100 = 100000⇒A = 1,25,000

Therefore, the amount he lossed on selling P1 = 25,000

As ge he got no loss or gain on sale of P1 and P2, the gain on selling P2 = 25,000

But the selling price of P2 = 1,00,000 => Cost price of P2 = 75,000

 

Hence, the profit percentage on P2 = GainCPx 100 = 2500075000x100 = 1003= 33.33%

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10 5596
Q:

A certain sum of money is invested for one year at a certain rate of simple interest. If the rate of interest is 3% higher, then the invest earned will be 25% more than the interest earned earlier. What is the earlier rate of interest ?

A) 4% p.a. B) 6% p.a.
C) 8% p.a. D) 12% p.a.
 
Answer & Explanation Answer: D) 12% p.a.

Explanation:

If the interest earned is 25% more than the earlier interest then the rate of interest also should be 25% higher than the earlier rate.
Let the earlier rate of interest be x%.
Now it will be (x + 3)%
% increase = (x + 3) - x/x * 100 = 25
=> x = 12%

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5 5595
Q:

The cost price of three varieties of mangoes namely M, N and O is Rs. 20/kg, Rs. 40/kg and Rs. 50/kg respectively. Find the selling price of one kg of mango in which these three varieties of mangoes are mixed in the ratio of 2 : 3 : 5 such that there is a net profit of 20%?

A) Rs. 47 B) Rs. 49.2
C) Rs. 48.5 D) Rs. 50.3
 
Answer & Explanation Answer: B) Rs. 49.2

Explanation:

Total cost of all varieties of mangoes = 20 x 2 + 40 x 3 + 50 x 5 = 40 + 120 + 250 = Rs. 410

Then, cost of 1 kg mangoes = 410/10 = Rs. 41

To get 20% profit,

The rate at which the mangoes should be sell = 120/100 x 41 = Rs. 49.2

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15 5564
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 lost Rs. 200 B) He gained Rs. 200
C) Neither he gained nor lost D) None of the above
 
Answer & Explanation Answer: D) None of the above

Explanation:

In first he got Rs. 990

But in second he lost Rs. 1980

So he lost Rs. 990.

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3 5422
Q:

When a discount of 25% is given on a wedding gown, the profit is 32%. If the discount is 17%, then the profit is _____%.

A) 46.08 B) 49
C) 51.03 D) 43.16
 
Answer & Explanation Answer: A) 46.08

Explanation:
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9 5158
Q:

Namitha sold a powerbank which is at the cost of Rs. 1950 at a loss of 25%. Find at what cost will she have to sell it to get a profit of 25%?

A) Rs. 3680 B) Rs. 3560
C) Rs. 3320 D) Rs. 3250
 
Answer & Explanation Answer: D) Rs. 3250

Explanation:

Let the Cost price of the powerbank = Rs. P

But given that by selling it at Rs. 1950, it gives a loss of 25%

=> P x 75100 = 1950
=>P = 1950 x 10075 = Rs. 2600
Now, to get a profit of 25%

Selling Price = 2600 x 125100 = Rs. 3250.

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15 4924
Q:

The cost price of 40 Magazines is the same as the selling price of 'P' articles. If the profit is 25%, then the value of 'P' is:

A) 32 B) 40
C) 16 D) 30
 
Answer & Explanation Answer: A) 32

Explanation:

Let C.P. of each Magazine be Rs. 1

C.P. of P articles = Rs. P. 

S.P. of P articles = Rs. 40.

 

Profit = Rs. (40 - P)

 

Now, Gain% = ProfitC.P×100 = 40-PP×100 

 

Here 40-PP×100= 25

-->P = 32.

 

 

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6 4905