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:

Selling price of a calculator is Rs 13924 and profit percentage is 18%. If selling price is Rs 10266, then what will be the loss percentage?

A) 17.2 B) 13
C) 14.9 D) 11
 
Answer & Explanation Answer: B) 13

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Q:

Naveen purchased a gas cylinder and a stove for Rs.4500. He sold the gas cylinder at a gain of 25% and the stove at a loss of 20%, still gaining 4% on the whole. Find the cost of the gas cylinder.

A) Rs.3600 B) Rs.2400
C) Rs.3000 D) Rs.2600
 
Answer & Explanation Answer: B) Rs.2400

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Q:

If by selling an article for Rs. 390 a shopkeeper gains 20% , then the cost is

A) Rs. 370 B) Rs. 325
C) Rs. 350 D) Rs. 300
 
Answer & Explanation Answer: B) Rs. 325

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Q:

A wholesaler sells a watch to a retailer at a gain of 20% and the retailer sells it to a customer at a loss of 10%. If the customer pays Rs 874.8, what had it cost the wholesaler?

A) Rs 945 B) Rs 810
C) Rs 994 D) Rs 675
 
Answer & Explanation Answer: B) Rs 810

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Q:

Rajat sells a machine for Rs 53 lakhs at a loss. Had he sold it for Rs 64 lakh, his gain would have been 10 times the former loss. Find the cost price of the machine.

A) Rs 63 lakhs B) Rs 69.3 lakhs
C) Rs 45 lakhs D) Rs 54 lakhs
 
Answer & Explanation Answer: D) Rs 54 lakhs

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Q:

Mahesh buys a watch of Rs 300 and sells it. Mahesh gives two successive discount of 15% and 6% to the buyer. What will be the selling price (in Rs) ofthe watch?

A) 213.4 B) 242.3
C) 239.7 D) 247.4
 
Answer & Explanation Answer: C) 239.7

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Q:

The difference between cost price and selling price is Rs 576. If the profit percentage is 16%, then what is the cost price (in Rs)?

A) 3024 B) 4176
C) 3600 D) 3800
 
Answer & Explanation Answer: C) 3600

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Q:

Junko sold an item for Rs. 220 at a loss of 12%. By how much should she have raised the price to make a profit of 10% ?

A) Rs. 25 B) Rs. 48.40
C) Rs. 44 D) Rs. 55
 
Answer & Explanation Answer: D) Rs. 55

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