In many entrance examinations such campus placement,government exam & MBA entrance examinations,profit and loss related questions are asked generally so this is a very important topic.
Today we will learn about the problems on profit and loss with the important formula and some solved questions and answers step by step:
1.Cost price(C.P)=The price at which an article is purchased.
2.Selling price(S.P)=The price at which an article is sold.
3.Profit or Gain=When the selling price is more than the cost price then difference between the selling price and cost price is known as Profit or Gain.
Profit or Gain=Selling price(S.P)-Cost price(C.P)
4. Loss:When the cost price is more than the selling price the difference between the cost price and the selling price is known as Loss.
Loss=Cost price(C.P)-Selling price(S.P)
Note:Profit or Loss always depends on the cost price of the article.
5.Gain percentage:(Gain %)
Gain %=(Gain/cost price) *100
6.Loss percentage:(Loss %)
Loss %=(Loss/cost price) *100
S.P=[ (100+Gain%)/100 ] *C.P
From the above the two above formula,we can conclude
8.If an article is sold at a gain of 20% then S.P=120% of C.P
9.If an article is sold at a loss of 20% then S.P=80% of C.P
C.P=[100 /(100 +Gain%)] * S.P
C.P=[100/(100-Loss%)] * S.P
11.Suppose a person sells two same items ,one at gain of p % and other at loss of p % then seller always loss
Loss %=(common gain and loss %)2/100=p2/100
Here p2 means square of p.
12.If seller sells the articles/product at the cost price but uses the false weight then
Gain%=[error value / (true value-error value)] *100
Marked price:This is the marked price on the article for the selling purpose.
Discount price:This is the reduction in price from the marked price on the article or product
Profit & Loss:Solved Questions and Answers
1.A person purchase a mobile phone at cost price of Rs 8000 and sell it at the price of Rs 10,000.Find out the Gain & Gain %.
Gain%=(Gain/C.P) * 100
=(2000/8000) * 100
2.A person sold his car at Rs 1,00,000.Find the cost price when it lost 20%.
We know that
C.P=(80/100) * 100000
Therefore cost of car is Rs 80,000
3.A businessman sells two cars at the price of Rs 10,000.one gains 10% and other loss 10%.Find out the loss percentage.
Therefore,businessman losses 1%.
4.A man buys a mobile at Rs 2000 and sells it at a loss of 30%.What is the selling price of mobile ?
Selling price of the mobile=(100-30)% of 2000
=70% of 2000
5.Some articles are bought at 6 articles for Rs.5 and sold at 5 articles for Rs.6.What would be the profit percentage ?
Suppose,number of articles bought=LCM of 5 and 6=30
C.P of 30 articles=Rs (5/6 *30)=Rs 25
S.P of 30 articles=Rs (6/5 *30)=Rs 36
Profit %=Rs.(11/25 *100)=Rs. 44%