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:

On selling rice for Rs. 45 per kg, a shopkeeper bears loss of 20%. To earn a profit of 20%, the selling price should be

A) Rs. 67.50 B) Rs. 65
C) Rs. 70 D) Rs. 60
 
Answer & Explanation Answer: A) Rs. 67.50

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Q:

A wholesaler sold a water purifier at a loss of 40%. If the selling price has been increased by Rs. 125, then wholesaler will get the profit of 10%. What was the cost price of the purifier?

A) Rs. 250 B) Rs. 225
C) Rs. 275 D) Rs. 300
 
Answer & Explanation Answer: B) Rs. 225

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Q:

Amit donated 20% of his income to a school and deposited 20% of the remainder in his bank. If he is having Rs 12800 now, then what is the income (in Rs) of Amit?

A) 18000 B) 20000
C) 24000 D) 32000
 
Answer & Explanation Answer: B) 20000

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Q:

Mohit buys an old bicycle for Rs 2700 and spends Rs 500 on its repairs. If he sells the bicycle for Rs 3520, then what is his profit percentage?

A) 10 B) 12.5
C) 15 D) 20
 
Answer & Explanation Answer: A) 10

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Q:

The selling price of 6 bananas is equal to the cost price of 8 bananas. Then the percentage of profit is

A) 20 B) 33 1/3
C) 25 D) 30
 
Answer & Explanation Answer: B) 33 1/3

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Q:

The marked price of a chair is 40% more than its cost price. If the chair is sold for Rs 520 after a discount of Rs 40, then what will be the profit percentage?

A) 33 B) 40
C) 25 D) 30
 
Answer & Explanation Answer: D) 30

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Q:

A trader had 630 kgs of rice. He sold a part of it at 15% profit and the rest at 8% profit, so that he made a total profit of 12%. How much rice (in kgs) did he sell at 8% profit?

A) 270 B) 300
C) 280 D) 290
 
Answer & Explanation Answer: A) 270

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Q:

A trader had 2000 kgs of rice. He sold a part of it at 10% profit and the rest at 16% profit, so that he made a total profit of 14.2%. How much rice (in kg) did he sell at 10% profit?

A) 1400 B) 600
C) 800 D) 1000
 
Answer & Explanation Answer: B) 600

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