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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:

Sreya bought a plot for Rs. 6,00,000,  then sold half of the plot at 10 % profit and rest at 15% profit. What is the total profit % that Sreya gain? 

A) 13.8 % B) 11.4 %
C) 12.5 % D) 14.5 %
 
Answer & Explanation Answer: C) 12.5 %

Explanation:

10% profit at half plot = 600000/2 x 10/100 = Rs. 30,000

15% profit at remaining half plot = 600000/2 x 15/100 = Rs. 45,000

Now, total profit = 30000 + 45000 = 75000

Profit % = 75000/600000 x 100 = 12.5 %

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15 4748
Q:

'X' sells fruits at 21% profit. If X bought it for 9% less and sold it for Rs.29 less, he would have gained 25%. The cost price of fruits is?

A) Rs. 400 B) Rs. 420
C) Rs. 460 D) Rs. 480
 
Answer & Explanation Answer: A) Rs. 400

Explanation:

Let the cost price of the fruits be 'C.P'

From the given data, after analysis it can be solved as

(121% of C.P) - (125% of 91% of C.P) = 29

121100 C.P  -  125100  x 91100 x C.P = 29121100 - 125 x 91100 x 100 C.P = 29(12100 - 125 x 91) C.P = 290000(12100 - 11375) C.P = 290000725 C.P = 290000C.P = 400

 

Hence, the cost price of the fruits = Rs. 400.

 

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13 4728
Q:

A shopkeeper sells two articles at Rs.1000 each, making a profit of 30% on the first article and a loss of 20% on the second article. Find the net profit or loss that he makes ?

A) 0.85 % B) 0.95 %
C) 1.0 % D) 1.3 %
 
Answer & Explanation Answer: B) 0.95 %

Explanation:

SP of first article = 1000
Profit = 30%
CP = (SP)x[100/(100+P)] = 10000/13

SP of second article = 1000
Loss = 20%
CP = (SP)x[100/(100-L)] = 5000/4 = 1250

Total SP = 2000

Total CP = 10000/13 + 1250 = 2019.23

CP is more than SP, he makes a loss.

Loss = CP-SP = 2019.23 - 2000 = 19.23
Loss Percent = [(19.23)/(2019.23)]x100 = 0.95 %.

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6 4555
Q:

In an exhibition, Almond bought a painting for Rs. 20000. He later sold it to Olive for Rs. 23000. Olive sold it to Sarah for double the profit percentage that Almond earned. At what price should Sarah sell this painting to earn 8% profit ?

A) Rs. 34,410 B) Rs. 31,184
C) Rs. 29,999 D) Rs. 32,292
 
Answer & Explanation Answer: D) Rs. 32,292

Explanation:

Almond Selling price = CP(1 + P%/100)

=> CP = 20000, SP = 23000

=> 23000 = 20000 (1 + P/100)

=> P% = 100(23000/20000 - 1) = 15

Then, Olive's P% = 30%

SP for Olive = CP for Sarah = 23000(1 + 30/100) = 29900

Now Sarah wants to earn profit of 8%

=> Sp for Sarah = 29900(1 + 8/100)

= Rs. 32,292.

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11 4551
Q:

Watson bought a book for Rs. 240 and sold to Johny at a profit  of 50%. Johny wants to sell this book to Shekar so that he earns a profit of 25%. But Shekar is adamant at buying this book at a discount of 10%. What marked price should Johny quote to Shekar so as to achieve desired profit ?

A) Rs. 450 B) Rs. 360
C) Rs. 415 D) Rs. 500
 
Answer & Explanation Answer: D) Rs. 500

Explanation:

Watson bought the book for Rs. 240 and sold to Johny at a profit of 50%.

S.P = C.P(1 + P%/100)

=> S.P for Watson = C.P for Johny = 240(1 + 50/100) = 240 x 1.5 = Rs. 360

Let Johny quoted the marked price of the book as Rs. M

We know, SP = M.P(1 - Discount(%)/100)

Here discount = 10% to Shekar,

S.P for Johny = M(1 - 10/100) = 0.9M

But Johny want to earn 25% profit,

=> S.P = C.P(1 + P%/100)

=> 0.9M = 360(1 + 25/100)

=> M = (360x1.25)/0.9

=> M = Rs. 500

Therefore, Johny should quote Rs. 500 as the marked price of the book to get 25% profit and allowing 10% discount to Shekar.

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7 4543
Q:

If watches bought at prices ranging from Rs. 200 to Rs. 350 are sold at prices ranging from Rs. 300 to Rs. 425. What is the greatest possible profit that might be made in selling nine watches ?

A) Rs. 1800 B) Rs. 2000
C) Rs. 2025 D) Rs. 1750
 
Answer & Explanation Answer: C) Rs. 2025

Explanation:

Profit would be maximum if watches are brought for Rs. 200 and sold for Rs. 425
Profit = Rs. (425 - 200) = Rs. 225
Profit of 9 watches = Rs. 225 x 9 = Rs.2,025.

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5 4376
Q:

What is the profit or loss % when a shopkeeper bought 4 mangoes for Rs. 6 and sold them @ 4 mangoes for Rs. 4?

A) 36.333% B) 33.666%
C) 33.333% D) 36.666%
 
Answer & Explanation Answer: C) 33.333%

Explanation:

Cost of 4 mangoes = Rs. 6 

Cost of 1 mango = Rs. 6/4 = Rs. 1.5

Now, Selling Price of 4 mangoes = Rs. 4

Selling Price of 1 mango = Rs. 4/4 = Rs. 1.0

 

      • We observe that, S.P < C.P

 

Hence, the shopkeeper incurs a loss.

 

Required loss% = loss/C.P x 100

Loss = 1.5 - 1 = 0.5

C.P = 1.5

Loss% = (0.5/1.5) x 100

 = (5/15) x 100

 = 1/3 x 100

 = 100/3

 = 33.333%.

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24 4257
Q:

Shamma lends Rs.40,000 to two of her friends. She gives Rs.24,000 to the first at 8% p.a. simple interest. Shamma wants to make a profit of 10% on the whole. The simple interest rate at which she should lend the remaining sum of money to the second friend is:

A) 13% B) 8.5%
C) 9.5% D) 11.25%
 
Answer & Explanation Answer: A) 13%

Explanation:

The ratio of money she lended is

24000 : 16000 = 3 : 2

Let the rate of interest be R%

 

8%                   R%
     

           10

 

3          :           2

 

R = 13%.

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