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:

Ravi sold a smartphone for Rs. 30,000. Had he offered a discount of 10% on the selling price(SP), he would have earned a profit of 35%. What is the cost price?

A) Rs. 20,000 B) Rs. 22,000
C) Rs. 24,000 D) Rs. 26,000
 
Answer & Explanation Answer: A) Rs. 20,000

Explanation:
30,000*90/100 = 27000
27,000 = CP*135*/100
CP = 20000
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Q:

A rice trader buys 20 quintals of rice for Rs 8,580. However, 22% rice is lost in transportation. At what rate should he sell to earn 20% profit?

A) Rs 278.8 per quintal B) Rs 514.8 per quintal
C) Rs 660 per quintal D) Rs 654.2 per quintal
 
Answer & Explanation Answer: C) Rs 660 per quintal

Explanation:
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Q:

A villager buys a goat and a sheep together for Rs 14,250. He sold the sheep at a profit of 10% and the goat at a loss of 20%. If he sold both the animals at the same price , then what was the cost price of the cheaper animal?

A) 8250 B) 6600
C) 7500 D) 6000
 
Answer & Explanation Answer: D) 6000

Explanation:
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Q:

In what ratio sugar at Rs 30/kg should be mixed with sugar at Rs 45/kg so that on selling the mixture at Rs 42/kg there is a profit of 20%?

A) 2 : 1 B) 2 : 3
C) 5 : 2 D) 3 : 7
 
Answer & Explanation Answer: A) 2 : 1

Explanation:
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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:

A wholesaler had 200 dozens of mangoes. He sold some of these mangoes at 20% profit and the rest at 10% profit, so that he made 13% profit on selling all the mangoes. How many mangoes (in dozens) did he sell at 20% profit?

A) 140 B) 60
C) 80 D) 120
 
Answer & Explanation Answer: B) 60

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Q:

When a discount of 20% is given on a sweater, the profit is 28%. If the discount is 14%, then the profit is

A) 42 percent B) 46.4 percent
C) 33.2 percent D) 37.6 percent
 
Answer & Explanation Answer: D) 37.6 percent

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Q:

Mohit sells a table at a profit of 25%. If he reduces its selling price by Rs 240, then he suffers a loss of 5%. What was the initial selling price (in Rs) of the table?

A) 800 B) 1000
C) 1040 D) 1120
 
Answer & Explanation Answer: B) 1000

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