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Aptitude Profit and Loss Online Test-01
No.of Questions 15 | Time : 30 Minutes

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Concept - Profit & Loss


Basic Terms:

 

Cost Price (CP) : -

The price paid by the purchaser for buying the article is called CP of the article

 

Selling Price (SP) : -

The price at  which the article is sold by the seller is called selling price of the article.

 

Profit : -

The article is said to be sold at profit, if its selling price is more than its cost price : Profit = SP – CP

 

Loss : -

The article is said to be sold at loss, if its selling price is lesser than its cost price : Loss = CP - SP

 

Profit & Loss Percent (%) :-

Profit/Loss percent is relation between profit/loss and cost price of an article. 

Therefore, profit or loss percent is always calculated on cost price, unless mentioned otherwise.

Some Important Formulae:

(where ‘g’ means Gain)

 

(where ‘l’ means Loss)

 

 

  • If on selling ‘x’ articles, a man gains equal to the cost price of ‘y’ articles, then Profit %  = y/x * 100

  • If on selling 'x' articles, a man gains equal to the selling price of 'y' articles, then profit %=

 

Note : - Loss is denoted by negative profit on selling an article for Rs. ‘x’, a person earns a% profit.  In order to earn b% profit, he must sell the article for.

 

A man purchases some articles [“a” articles for Rs. “b”] and sells, then at “c” articles for Rs. ‘d’, then his profit % in the transaction on is.

 

Note: - Negative value of (ad-bc) denotes loss.

 

Dishonest dealer using false weight :

 

Previous Exam Questions.

Eg1:A fruit seller buys 60 oranges for Rs.480. Five oranges were spoilt in the transportation. If he sells the remaining oranges at Rs.12 each, find his profit or loss percent.

Solution: Cost Price = Rs.480

Selling Price = 55 * Rs.12 = 660

Profit = 660 - 480 = Rs.180

Therefore Profit % = 180/480 * 100 = 37.5%

 

Eg 2 :A man buy two articles for Rs.1820. He sells one at a loss of 5% and another at a profit of 8%. But he neither gains nor loses on the whole.

Find the price of the article which has sold at profit.

Solution: Let the price at profit be Rs. x

Therefore (Profit % ) 8% of x - 5% of(1820 - x) = 0

=>8x + 5x = 9100

=>13x = 9100 => x= 9100/13 = Rs.700

 

Practice following examples

 

1)An article is bought for Rs.600 and sold for Rs.750. Find gain %.

2)A man bought a toy for Rs.540 and sold for Rs.600. Find the profit %.

3)An Article is bought for Rs.450 and sold for Rs.400. What is the loss %.

4)A man bought a watch for Rs.1250 and sold for Rs.1000. What is the loss %.

5)A man bought a watch for Rs.640 and sold at a profit of Rs.15%. Find selling price ?

 

Answers:

1) 25% (Profit / CP * 100)

2) 11 1/9% (Profit / CP * 100)

3) 11 1/9% (loss / CP *100)

4) 20% (loss / CP *100)

5) Rs.736 (CP * 100+profit% /100 ) - (640 * 100+15 /100) => 640*115/100

 





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