Profit And Loss Questions

Profit and Loss Shortcut Tricks are not only useful in Competitive Exams but also useful in Entrance Exams. Students can get Profit And Loss Formulas, Tricks from this page and start solving Profit and Loss Questions.

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Profit and loss is a part of basic mathematics that deals with the transactions where money is involved. Whenever an article is sold or purchased, there are commercials involved. Sometimes there is a profit, sometimes a loss and in other cases neither of the two. To learn about Profit And Loss Tricks you can continue reading this page.

Basic Definitions Of Profit And Loss:

Before we move ahead to the list of important profit and loss formulas, we need to discuss some important terms that constitute these profit and loss formulas.

• Cost price (C.P.): This is the price at which an article is purchased.
• Selling price (S.P.): This is the price at which an article is sold.
• Profit or Gain: If the selling price is more than the cost price, the difference between them is the profit incurred.
• Loss: If the selling price is less than the cost price, the difference between them is the loss incurred.
• Profit or Loss is always calculated on the cost price.
• Marked price: This is the price marked as the selling price on an article, also known as the listed price.
• Discount or Rebate: This is the reduction in price offered on the marked or listed price.

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Profit And Loss Formulas

While going through Profit And Loss Formulas you will notice that all profit and loss formulas deal with percentage this is because percentage makes comparison easier.So, here we have gathered all Profit And Loss Formulas under one roof. You can collect all the formulas of P&L from here and start the preparation of exams.

We, the team members of recruitmentresult.com have well prepared this page in which we cover all Profit And Loss Formulas, Shortcut Tricks of Profit And Loss and Profit And Loss Question & Answers. You can continue reading this page and get all the details of Profit And Loss from here.

1. One can generate a profit only if Selling Price> Cost Price
2. One generates a loss when Selling Price < Cost Price.
3. Profit = Selling Price – Cost Price
   %profit = {(Selling Price – Cost Price)/Cost Price} x 100
4. Loss = Cost Price – Selling Price
   %Loss = {(Cost Price – Selling Price)/Cost Price} x 100
5. Sale price:- If there is a profit of P %, Cost Price = C
   Then SP = {(100+P)/100}xC
6. If there is a loss of L %, Cost Price = C
   Then SP = {(100-L)/100}xC
7. Cost price:-
   If there is a profit of P %, Cost Price = C, Sale price= SP
   Then C = {100/(100+p)} x SP
   If there is a loss of L %, Then C = {100/(100-L)}xSP
8. A dishonest dealer claims to sell his goods at cost price, but he uses a weight of lesser weight. Find his gain%.

9. A shopkeeper sells an item at a profit of x % and uses a weight which is y % less. Find his total profit
10. When there are two successive profits of x% and y% then the net percentage profit =[x+y+xy/100]. When there is a profit of x% and loss of y% then net percentage profit or loss = [x – y – xy/100]

Note: If the final sign in the above expression is positive then there is net profit but if it is negative then there is net loss.

Profit and Loss Questions with Answers

Question 1: An article is purchased for Rs. 450 and sold for Rs. 500. Find the gain percent.

Solution:

Gain = SP – CP = 500 – 450 = 50.

Gain% = (50/450)*100 = 100/9 %

Question 2: A man sold a fan for Rs. 465. Find the cost price if he incurred a loss of 7%.

Solution:

CP = [100 / (100 – Loss %)] * SP

Therefore, the cost price of the fan = (100/93)*465 = Rs. 500

Question 3: In a transaction, the profit percentage is 80% of the cost. If the cost further increases by 20% but the selling price remain the same, how much is the decrease in profit percentage?

Solution:

Let us assume CP = Rs. 100.

Then Profit = Rs. 80 and selling price = Rs. 180.

The cost increases by 20% → New CP = Rs. 120, SP = Rs. 180.

Profit % = 60/120 * 100 = 50%.

Therefore, Profit decreases by 30%.

Question 4: A man bought some toys at the rate of 10 for Rs. 40 and sold them at 8 for Rs. 35. Find his gain or loss percent.

Solution:

Cost price of 10 toys = Rs. 40 → CP of 1 toy = Rs. 4.

Selling price of 8 toys = Rs. 35 → SP of 1 toy = Rs. 35/8

Therefore, Gain = 35/8 – 4 = 3/8.

Gain percent = (3/8)/4 * 100 = 9.375%

Question 5: The cost price of 10 pens is the same as the selling price of n pens. If there is a loss of 40%, approximately what is the value of n?

Solution:

Let the price of each pen be Re. 1.

Then the cost price of n pens is Rs. n and

the selling price of n pens is Rs. 10.

Loss = n-10.

Loss of 40% → (loss/CP)*100 = 40

Therefore, [(n-10)/n]*100 = 40 → n = 17 (approx)

Question 6: A dishonest merchant sells his grocery using weights 15% less than the true weights and makes a profit of 20%. Find his total gain percentage.

Solution:

Let us consider 1 kg of grocery bag. Its actual weight is 85% of 1000 gm = 850 gm.

Let the cost price of each gram be Re. 1. Then the CP of each bag = Rs. 850.

SP of 1 kg of bag = 120% of the true CP

Therefore, SP = 120/100 * 1000 = Rs. 1200

Gain = 1200 – 850 = 350

Hence Gain % = 350/850 * 100 = 41.17%

Question 7: A man bought two bicycles for Rs. 2500 each. If he sells one at a profit of 5%, then how much should he sell the other so that he makes a profit of 20% on the whole?

Solution:

Before we start, it’s important to note here that it is not 15% to be added to 5% to make it a total of 20%.

Let the other profit percent be x.

Then, our equation looks like this.

105/100 * 2500 + [(100+x)/100] * 2500 = 120/100 * 5000 → x= 35.

Hence, if he makes a profit of 35% on the second, it comes to a total of 20% profit on the whole.

Question 8: A shopkeeper allows a discount of 10% on the marked price and still gains 17% on the whole. Find at what percent above the cost price did he mark his goods.

Solution:

Let the cost price be 100. Then SP = 117.

Let the marked price be x.

So, 90% of x = 117 → x = 130.

Therefore, he marked his goods 30% above the cost price.

Question 9: A shopkeeper offers a discount of 20% on the selling price. On a special sale day, he offers an extra 25% off coupon after the first discount. If the article was sold for Rs. 3600, find themarked price of the article and the cost price if the shopkeeper still makes a profit of 80% on the whole after all discounts are applied.

Solution:

Let the marked price of the article be x.

First a 20% discount was offered, on which another 25% discount was offered.

So, 75% of 80% of x = 3600

75/100 * 80/100 * x = 3600 → x = 6000.

So the article was marked at Rs. 6000.

Cost price of the article = [100/(100+80)]*3600 = Rs. 2000.

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Question 10:A manufacturer sold a product for ₹ 2400 and made a profit of 25% in the process. Find his profit percent if he had sold his goods for ₹2040.

Solution:

In first case SP = 2400

2400 = CP [1 + (25/100)]

CP = 2400 / 1.25 = 240000 / 125 = 1920.

In second case SP = 2040.

Then Profit = 2040 – 1920 = 120.

Profit % = [Profit x 100] / CP

= 120 x 100 / 1920 = 6.25 %.

Final and Essential Note:

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