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:

Mr. Kiran sold a bus for Rs. 18700 at a loss of 15%. At what price should the bus be sold to get a profit of 15%?

A) Rs. 25523 B) Rs. 25522
C) Rs. 25300 D) Rs. 25521
 
Answer & Explanation Answer: C) Rs. 25300

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Q:

A wholesaler sells a watch to a retailer at a profit of 8% and the retailer sells it to a customer at a profit of 12%. If the customer pays Rs. 8,448 what had it cost (approximately) to the wholesaler (in Rs)?

A) 6984 B) 6082
C) 7120 D) 7022
 
Answer & Explanation Answer: A) 6984

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4 2123
Q:

A man gains 15% by selling a calculator for a certain price. If he sells it at the triple the price, then what will be the profit percentage?

A) 125 B) 175
C) 225 D) 245
 
Answer & Explanation Answer: D) 245

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5 2121
Q:

Raheem sells a machine for Rs 48 lakhs at a loss. Had he sold it for Rs 60 lakh, his gain would have been 5 times the former loss. Find the cost price of the machine.

A) Rs 58 lakhs B) Rs 69.6 lakhs
C) Rs 42 lakhs D) Rs 50 lakhs
 
Answer & Explanation Answer: D) Rs 50 lakhs

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3 2110
Q:

A trader allowed a discount of 15% on a trolley bag having list price of Rs 1360 and earns a profit of 15.6%. What is the cost price (in Rs) of the trolley bag?

A) 1000 B) 1005
C) 1050 D) 1156
 
Answer & Explanation Answer: A) 1000

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3 2109
Q:

At a village trade fair a man buys a horse and a camel together for Rs 51,250. He sold the horse at a profit of 25 % and the camel at a loss of 20 %. If he sold both the animals at the same price, then the cost price of the cheaper animal was Rs ____________.

A) 6600 B) 7500
C) 25000 D) 20000
 
Answer & Explanation Answer: D) 20000

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4 2092
Q:

A merchant buys 25 litres of milk daily at the rate of Rs.12 per litre. He mixes 5 litres of water in it and sells at the rate Rs.10.40 per litre. His gain/loss is:

A) 8% profit B) 2% profit
C) 4% profit D) 6% profit
 
Answer & Explanation Answer: C) 4% profit

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2 2077
Q:

If the cost price of 48 articles is equal to the selling price of 32 articles, then what is the profit percentage?

A) 20 B) 25
C) 50 D) 75
 
Answer & Explanation Answer: C) 50

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3 2055