Profit And Loss Problems

Profit And Loss Problems

Candidates, who are preparing for the competitive exam and are in search of Profit And Loss Problems with solutions, can acquire Solved Examples based on Profit and loss from here. You can solve the profit and loss questions by any method but short cut tricks and formulas are the best option to solve the questions in minimum time. In the online tests in compatitve sector, the speed of an individual to calculate aptitude based questions must be fast and accurate. What you have to ensure is to just practice and practice as practice makes a man perfect. Regular practicing of questions using formulas may help you to score good marks. You may get Profit And Loss Problems, quest/ans on this page. You may have a glance.

Profit And Loss Problems with solutions for examscompatitive can be helpful for the individual for the preparation of the online test. You may acquire the tricks and apply them while preparation. These tricks can help you to solve the questions in online test accurately and in a faster manner.
Profit And Loss Problems

Profit And Loss Shortcuts:

In our daily life, we purchase goods and then we compare the cost price and selling price of the same. Profit and loss is calculated according to the price of the particular commodity. If the CP>SP then it will be loss and if SP>CP then it is profit or gain. In quantitative type test questions are related to profit and loss and thus it’s not easy to solve the high level questions. So downwards you will be able to gain some tricks an formulas to solve the profit and loss problems.
Have a look on these tricks:
Cost Price or CP:
The price at which the particular commodity is purchased or the amount of money that we give to the vendor while purchasing the goods or commodity.
Profit or Gain:
The price at which the goods are sold or the amount of money that we receive after selling the goods or commodity.
Selling Price or SP:
When SP>CP then it is profit
Loss:
CP>SP then it is loss
Marked Price:
Marked price or MP is the price which is marked at the label of any commodity.

Important Formulas to Remember:

Formula No.1
Gain = SP – CP
15% Profit on an item means,
Cost price = 100%
Selling price = 115%
Profit = 15%

Formula No.2
Loss = CP – SP
15% Loss on an item means,
Cost price = 100%
Selling price = 85%
Loss = 15%

Formula No.3
Profit and Loss is always calculated on Cost Price or CP

Formula No.4
Gain Percentage: (Gain %)
Gain % = (Gain x 100)/ C.P.

Formula No.5
Loss Percentage: (Loss %)
Loss % = (Loss x 100)/ C.P.
Formula No.6
Selling Price: (S.P)
SP = (100 + Gain %) /100 x C.P

Formula No.7
Selling Price: (S.P)
SP = (100 – Loss %) /100 x C.P.

Formula No.8
Cost Price: (C.P.)
C.P. = 100/ (100 + Gain %) x S.P.

Formula No.9
Cost Price: (C.P.)
C.P. = 100/ (100 – Loss %) x S.P.
Profit And Loss Problems with Shortcuts:

To calculate any topic in Mathematics it is must to first understand that topic. You may require the time management for that. Any questions could be solved with any method but it essential for you to know some easy tricks and ways so that the questions could be solved in an easy and accurate manner. You may use above formulas to solve the profit and loss statement. These profit and loss problems shortcuts for exams will help in maintaining speed for any competitive exam. You can have a look on the below solved questions and the methods applied to solve them.
Questions & Solutions:

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 he marked 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 the marked 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.

Question 10: The cost of 11 pencils is equal to the selling price of 10 pencils. Find the loss or profit percent, whatever may be the cost of 1 pencil.
Solution: The cost price of 11 pencils = S.P of 10 pencils
Let C.P of 1 pencil is Rs 1.
C.P of 10 pencils = Rs 10
S.P of 10 pencils = C.P of 11 pencils = Rs 11
Profit on 10 pencils = 11 – 10 = Rs 1
Profit % = (1/ 10) x 100 = 10 %

Question 11: A bathing soap marked at Rs.80 is sold for Rs.68.Find the rate of discount.
Solution: Marked price = (M.P) = Rs.80
Selling price = (S.P) = Rs.68
Discount amount = Rs. 80 – 68 = Rs.12
Therefore, Rate of discount = Discount x 100 / M.P
= 12 x 100 / 80 = 120 / 8 = 15%
Hence the answer is 15%

Question 12: Rahul bought a computer for Rs.52,000 and spent Rs.4000 on its repairs. If he sells at Rs.47,000 then what will be his loss percentage?
Solution: Rahul bought the computer at Rs.52, 000
Amount for repairing = Rs.4000
Total Cost price of the computer = Rs.52, 000 + Rs.4000 = Rs.56,000
Selling price = Rs.47,000
Therefore the amount of loss = CP _ SP = 56,000 – 47,000 = Rs.9000
Loss % = loss x 100 /CP = 9000 x 100 / 56,000 = 900/56
225/14 % = 16 1/14 %

Question 13: A seller gains the cost of 40 dozen apples by selling 25 dozen of apples. Then the gain percent is:
Solution: Given that the cost price (CP) of 40 dozen of apples is equal to selling of 25 dozen of apples.
Let the CP of 1 dozen of apple = Rs.1
Therefore CP of 40 dozen apples = Rs.40
Given, SP of 25 dozen apples = Rs.40
Then SP of 1 dozen apples = Rs.40/25 = Rs.8/5
Therefore profit of 1 dozen apples = Rs.(8/5 – 1) (SP – CP)
= Rs.3/5
Then profit % = 3/5 x 100 = 60%
Check Here: Permutation and Combination Formula, Aptitude Questions

Question 14: Madhesh bought 100 dozen of pins at Rs.10 per dozen. He spent Rs.500 on a particular tax and he sold them at Rs. 1 per each pin. What was his profit or loss percent?
Solution: Cost price of 1 dozen of pins = Rs.10
Cost price of 100 dozen of pins = Rs. 100 x 10 = Rs.1000
Aamount of tax paid = Rs.500
Therefore total cost price = 1000 + 500 = Rs.1, 500
Selling price of total number of pins = 100 x 12 x 1 = Rs. 1,200
Therefore, loss = C.P – S.P = 1500 – 1200 = Rs.300
And loss % = loss x 100 / c.p = 100 x 100 / 1500 = 100/15 %
= 20/3 % = 6 2/3 %

Question 15: Samy sold his dining table set at a loss of 20%. If he had sold it for Rs 800 more, he would have received a profit of 5%. Find the cost price.
Solution: Let the cost price be Rs 100
So when C.P = 100, loss of 20% means
S.P = 100 – 20 = 80
Profit of 5% means S.P = 100 + 5 = 105
The difference of two S.P = 105 – 80 = 25
If the difference is 25, C.P = Rs 100
If the difference is Rs 800, C.P = (100 / 25) x 800
C.P = Rs 3200
Aspirants you have got profit and loss problems with solutions through easy tricks. You may practice these types of questions for aptitude test and get ready to compete. Practicing from the above questions will definitely help you to score qualifying mark.