Profit and Loss

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  • FORMULAS:
    1. SP > CP --> Profit 
    2. SP < CP ---> Loss 
    3. MRP - P ---> SP 
    4. Profit and Loss is always depended on Cost price only

1.

A table is bought for Rs.400/- and sold at Rs.500/- find gain or loss percentage 

   A.) 25% Loss
   B.) 30% Gian
   C.) 25% Gian
   D.) 30% Loss

Answer: Option 'C'

Formula = (Selling price ~ Cost price)/Cost price × 100 
            = (500 - 400)/400 = 25% gain

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2.

A chair is bought for Rs.900/- and sold at Rs.810/- find the loss percentage 

   A.) 10% gain
   B.) 10% loss
   C.) 12% loss
   D.) 12% gain

Answer: Option 'B'

Formula = (Selling price ~ Cost price)/Cost price × 100 
= (810 ~ 900)/900 = 10% Loss

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3.

A bat is bought for Rs.400 and sold at a gain of 20% find its selling price 

   A.) Rs.320/-
   B.) Rs.350/-
   C.) Rs.370/-
   D.) Rs.480/-

Answer: Option 'D'

100 % ------> 400 (100 × 4 = 400) 
120 % ------> 480 (120 × 4 = 480) 
Selling price = Rs.480/-

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4.

A chair is bought for Rs.600/- and sold at a loss of 10% find its selling price

   A.) Rs.540/-
   B.) Rs.560/-
   C.) Rs.580/-
   D.) Rs.600/-

Answer: Option 'A'

100 % ------> 600 (100 × 6 = 600) 
90 % ------> 540 (90 × 6 = 540) 
Selling price = Rs.540/-

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5.

By selling a watch for Rs.640/-, a man loses 20% what is that watch cost price 

   A.) Rs.400/-
   B.) Rs.600/-
   C.) Rs.800/-
   D.) Rs.1000/-

Answer: Option 'C'

80 % ------> 640 (80 × 8 = 640) 
100 % ------>800 (100 × 8 = 800) 
Cost price = Rs. 800/-

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6.

Harkamal purchased 8kg of grapes at the rate of 70 per kg and 9 kg of mangoes at the rate of 55 per kg. How much amount did he pay to the shopkeeper?

   A.) 1400
   B.) 1505
   C.) 1055
   D.) 1005

Answer: Option 'C'

Cost of 8 kg grapes = 70 × 8 = 560.
Cost of 9 kg of mangoes = 55 × 9 = 490.
Total cost he has to pay = 560 + 490 = 1055.

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7.

Suresh started a business, investing Rs.18000. After 3 months and 4 months respectively, Rohan and Sudhir joined him with capitals of 12000 and 9000. At the end of the year the total profit was Rs.3982. What is the difference between Rohan’s and Sudhir’s share in the profit? 

   A.) 354
   B.) 370
   C.) 362
   D.) 121

Answer: Option 'C'

                              Suresh       :      Rohan  : Sudhir
Ratio of their investments  = 18000 × 12   :   12000 × 9 : 9000 × 8
= 6 : 3: 2
The difference between Rohan’s and Sudhir’s share = 1 share
:.i.e. = Rs. 3982 × 1/11  = Rs.362.

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8.

Narendra started a business, investing 30000. Six months later, Chandan joined him with 15000. If they make a profit of 10000 at the end of the year, what should be the share of Narendra? 

   A.) 6000
   B.) 8000
   C.) 7200
   D.) 3600

Answer: Option 'B'

The ratio of their investments = 30000 × 12 : 15000 × 6 = 4 : 1.
:. Narendra’s share on profit of Rs.10000 = 10000 × 4/5 = Rs.8000.

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9.

By selling a book for 270, 20% profit was earned. What is the cost price of the book? 

   A.) 216
   B.) 226
   C.) 254
   D.) 225

Answer: Option 'D'

SP = 120% of CP; :. CP = 270 × 100/120 = 225

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10.

A shopkeeper sold some articles @ 35 per article and earned a profit of 40%. At what price each article should have been sold so that 60% profit was earned?

   A.) 45
   B.) 42
   C.) 39
   D.) 40

Answer: Option 'D'

SP = 140% of CP; :. CP = 35 × 100/140 = 25
Then, 60% of CP = 2.5 × 6 = 15
To set a profit of 60% the SP = 25 + 15 = 40.

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