# Problems on profit and loss |Formulas |Solved questions & Answers

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.

Letâ€™s start

Today we will learn about the problems on profit and loss with the important formula and some solved questions and answers step by step:

## Important Formula

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

7.Selling price(S.P)

S.P=[ (100+Gain%)/100 ]  *C.P

S.P=[(100-Loss%)/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

10.Cost price(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

So

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

Note:

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 %.

Solution:

Gain=S.P-C.P=10,000-8000=Rs.2000

Gain%=(Gain/C.P) * 100

=(2000/8000) * 100

=25 %

##### 2.A person sold his car at Rs 1,00,000.Find the cost price when it lost 20%.

Solutions:

We know that

C.P=[(100-Loss%)/100] *S.P

Here,S.P=Rs.1,00,000

C.P=[(100-20)/100] *100000

C.P=(80/100) * 100000

C.P=Rs 80000

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.

Solutions:

Loss%=(10)2/100=100/100=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  ?

Solutions:

Selling price of the mobile=(100-30)% of 2000

=70% of 2000

=(70/100) *2000

=70 *20

=1400

Therefore,S.P=Rs. 1400

###### 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. (36-25)=Rs.11

Profit %=Rs.(11/25 *100)=Rs. 44%

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