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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:

A milkman has 20 liters of milk. If he mixes 5 liters of water, which is freely available, in 20 liters of pure milk. If the cost of pure milk is Rs. 18 per litre, then the profit of the milkman, when he sells all the mixture at  cost price, is:

A) 20% B) 25%
C) 33.33% D) 18%
 
Answer & Explanation Answer: B) 25%

Explanation:

When the water is freely available and all the water is sold at the price of the milk, then the water gives the profit on the cost of 20 litres of milk.

 

  Since,    the profit % = ProfitCostPricex100

Therefore, profit percentage = 520x100  = 25%

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44 13277
Q:

A merchant buys two items for Rs. 7500. One item he sells at a profit of 16% and the other item at 14% loss. In the deal, the merchant makes neither any profit nor any loss. What is the difference between the selling price of both the items?

A) Rs. 620 B) Rs. 654
C) Rs. 725 D) Rs. 747
 
Answer & Explanation Answer: A) Rs. 620

Explanation:

Let the C.P of one item is Rs. P
and that of other is Rs. (7500 - P)

According to the data given
C.P = S.P
=> Px(116/100) + (7500-P)x(86/100) = 7500
=> 30P = 105000
=> P = 3500

Required difference between selling prices
= Rs. [(3500/100) x 116] - [(4000/100) x 86]
= 4060-3440
= Rs. 620

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14 13176
Q:

A shopkeeper sold a mobile phone for Rs. 12000. Had he offered discount of 10% on the selling price, there would be a loss of 4%. What is the cost price of that Mobile phone?

A) Rs. 12,500 B) Rs. 11,250
C) Rs. 12,750 D) Rs. 11,680
 
Answer & Explanation Answer: B) Rs. 11,250

Explanation:

Given that SP = Rs. 12000 - 10%  = Rs. 10,800

Loss% = 4

We know that, C.P = 100/(100 - Loss%) x 100

=> 100/100-4 x 10800

=> 1080000/96

C.P = Rs. 11,250

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14 12852
Q:

A shopkeeper expects a gain of 45/2 % on his C.P. If his sale was Rs. 392, then find his profit.

A) Rs. 70 B) Rs. 72
C) Rs. 74 D) Rs. 76
 
Answer & Explanation Answer: B) Rs. 72

Explanation:

We Know, S.P=100+gain percent100×C.P 

 

 ⇒C.P =100122.50×392

            

Profit = 392−320 = Rs72

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24 12796
Q:

In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit

A) 70% B) 80%
C) 90% D) None of above
 
Answer & Explanation Answer: A) 70%

Explanation:

Let C.P.= Rs. 100.
Then, Profit = Rs. 320,
S.P. = Rs. 420.

New C.P. = 125% of Rs. 100 = Rs. 125
New S.P. = Rs. 420.

Profit = Rs. (420 - 125) = Rs. 295

Required percentage = (295/420) * 100
= 70%(approx)

 

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22 12683
Q:

When a women sells 20 articles for Rs. 160, there is 40% loss. How many articles should she sell for Rs. 240 in order to earn 20% profit ?

A) 16 B) 15
C) 17 D) 14
 
Answer & Explanation Answer: B) 15

Explanation:

Given when she sells at Rs. 160 for 20 articles, she get 40% loss.

 

Then, to get 20% profit selling at Rs. 240 for let 'P' articles

 

=> 1602060=240p120

 

=> 120 x 160 x P = 20 x 70 x 240

 

=> P =  15 articles.

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26 11835
Q:

A women goes to market with Rs.500 to buy oranges.the prices of the oranges have decreased by 10% so he could buy 2kg more with the amount she had.What was the original price of the oranges ?

A) 22.77 B) 25.77
C) 27.77 D) 29.77
 
Answer & Explanation Answer: C) 27.77

Explanation:

If the price of the oranges decreases by 10%, the woman would save 10% of the money that is Rs.50 to buy the same amount as before.Now in Rs. 50 she can buy 2 kg more, therefore the current price of 1 kg of oranges is Rs25.Now, this current price is after 10% reduction.

 

 

 

Therefore, the original price =  25/0.9  = Rs. 27.77

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37 11826
Q:

A trader marked the price of the T.V. 30% above the cost price of the T.V. and gave the purchaser 10% discount on the marked price, thereby gaining Rs.340. Find the cost price of the T.V ?

A) Rs. 2000 B) Rs. 1600
C) Rs. 2200 D) Rs. 2100
 
Answer & Explanation Answer: A) Rs. 2000

Explanation:

Let 'x' be the cost price.
Now Marked price = x + 30x/100 = 13x/10
10% discount = 10/100 x 13x/10 = 13x/100
Selling price = 13x/10 - 13x/100 = 117x/100
Given gain = 340
Here gain = 117x/100 - x = 17x/100 = 340 => x = Rs. 2000.

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