Profit and Loss Formulas | Imp Data Sufficiency/General Questions & Answers

Profit and Loss Formulas

profit-and-loss-formulas

Questions based on Profit and Loss Formulas are being asked in the Quantitative Aptitude section in many competitive exams. Those who know all formulas of profit and loss and shortcut tricks were able to complete the section easily. And the candidates who don’t have the knowledge about Profit and Loss Formulas, they face so much difficulty while attempting the aptitude section.

Contenders who are preparing for the upcoming exams will get all the details about profit and loss important formulas and some general questions and answers on this web page. The first important thing that all students have to do is prepare a time table, so that you can give your time to each and every subject and you will cover all the important topics.

Maths is completely based on shortcuts and basic formulas, so you have to make a good command on Maths formulas and short cut tricks. We the team of resultinbox.com is going to provide you the profit and loss formulas and important data sufficiency.

Aspirants have a fear that questions asked in competitive exams were very tough but this is not completely true. You need not to worry just read all the formulas, so that you can make your result better.

Profit and Loss Formulas

What is CP, SP, Profit and Loss?

Cost Price:

The price, at which an article is purchased, is called its cost price, abbreviated as C.P.

Selling Price:

The price, at which an article is sold, is called its selling prices, abbreviated as S.P.

Profit or Gain:

If S.P. is greater than C.P., the seller is said to have a profit or gain.

Loss:

If S.P. is less than C.P., the seller is said to have incurred a loss.

Formulas related to profit and loss

Check Here: Maths Formulas

In Case of Profit

  • Profit = selling price – cost price
  • selling price = cost price + profit
  • cost price = selling price – profit
  • Profit % = Profit/(C P)×100
  • S P = (100+gain % )/100  ×C P
  • C P = 100/(100+gain %)×S P

In Case of Loss

  • Loss = cost price – selling price
  • selling price = cost price – loss
  • cost price = selling price + loss
  • Loss % = Loss/(C P)×100
  • S P = (100-loss %)/100×C P
  • C P = 100/(100-loss %)×S P

General Questions & Answers on Profit and Loss Formulas

Q-1) Maddy purchased an old scooter for $ 12000 and spent $ 2850 on its overhauling. Then, he sold it to his friend Sam for $ 13860. How much per cent did he gain or lose?

Solution:

Cost price of the scooter = $ 12000, overheads = $ 2850.

Total cost price = $ (12000 + 2850) = $ 14850.

Selling price = $ 13860.

Since (SP) < (CP), Maddy makes a loss.

Loss = $ (14850 – 13860) = $ 990.

Loss = [(loss / total CP) × 100] %

= [(990 / 14850) × 100] %

= 6

Check Now: Tips to Prepare For Written Examination

Q-2) Robert bought pencils for $ 150.As they were of bad quality, he had to sell them for $ 127. Find his loss or gain percent.

Solution:
Cost Price (CP) = $ 150,

Selling Price (SP) = $ 127

Since SP < CP,

Therefore, Robert suffers a loss.

Loss = Cost Price (CP) – Selling Price (SP)

= 150 – 127

= $ 23

Therefore, loss % = (Loss/CP) × 100

= (23/150) × 100

= 15.33%

Q-3) Mr. Smith bought a book for $ 85 and sold it for sold it for $ 115. Find his profit or loss percent.

Solution:

Cost Price (CP) = $ 85;

Selling Price (SP) = $ 115

Since SP > CP,

Therefore, Mr. Smith makes a profit.

Profit = Selling Price (SP) – Cost Price (CP)

= 115 – 85

= $ 30

Therefore, profit % = (Profit/Cost Price) × 100

= (30/85) x 100

= 35.29 %

Answers: 35.29 %

Q-4) Mr. Brown bought a TV for $ 5800 and sold it for sold it for $ 7000. Find his profit or loss percent.

Solution:

Cost Price (CP) = $ 5800;

Selling Price (SP) = $ 7000

Since SP > CP,

Therefore, Mr. Brown makes a profit.

Profit = Selling Price (SP) – Cost Price (CP)

= 7000 – 5800

= $ 1200

Therefore, profit % = (Profit/Cost Price) × 100

= (1200/5800) x 100

= 20.69 %

Answers: 20.69 %

Read Here: Simple Ways To Get Full Marks In Mathematics

Q-5) Jack bought a pairs of shirt for $ 125 and sold them for $ 108. Find his loss or gain percent.

Solution:

Cost Price (CP) = $ 125,

Selling Price (SP) = $ 108

Since SP < CP,

Therefore, Jack suffers a loss.

Loss = Cost Price (CP) – Selling Price (SP)

= 125 – 108

= $ 17

Therefore, loss % = (Loss/CP) × 100

= (17/125) × 100

= 13.6 %

Answers: 13.6 %

Q-6) Mike bought a DVD for $ 750 and sold it for $ 875. Find Mike’s gain per cent.

Solution: 

CP = $ 750 and SP = $ 875.

Since (SP) > (CP), Mike makes a gain.

Gain = $ (875 – 750)

= $ 125.

Gain% = {(gain/CP) × 100} %

= {(125/750) × 100} %

= (50/3) %

= 16 (2/3) %

Q-7) Ron purchased a table for $ 1260 and due to some scratches on its top he had to sell it for $ 1197. Find his loss per cent.

Solution: 

CP Rs.1260 and SP = $ 1197.

Since (SP) < (CP), Ron makes a loss.

Loss = $ (1260 – 1197)

= $ 63.

Loss % = [(loss / CP) × 100] %

= [(63 / 1260) × 100] %

= 5%

Find Here: Cylinder Volume Formula

Q-8) Ron ought an almirah for $ 6250 and spent $ 375 on its repairs. Then, he sold it for $ 6890. Find his gain or loss per cent.

Solution: 

CP of the almirah = $ 6250,

Overheads = $ 375.

Total cost price = $ (6250 + 375)

= $ 6625.

Selling price = $ 6890.

Since, (SP) > (CP), Ron gains.

Gain% = $ (6890 – 6625)

= $ 265.

Gain% = [(gain / total CP) × 100] %

= [(265 / 6625) × 100] %

= 4 %

Also Check:  Tips to Crack Reasoning for Competitive Exams

Q-9) A vendor bought oranges at 20 for $ 56 and sold them at $ 35 per dozen. Find his gain or loss per cent.

Solution: 

LCM of 20 and 12 = (4 × 5 × 3) = 60.

Let the number of oranges bought be 60.

CP of 20 oranges = $ 56

CP of 1 orange = $ (56 / 20)

CP of 60 oranges = $ [(56 / 20) × 60] = $ 168

SP of 12 oranges = $ 35

SP of 1 orange = $ [(35 / 12) × 60] = $ 175

Therefore, CP = $ 168 and SP = $ 175.

Since, (SP) > (CP), the vendor gains

Gain = $ (175 – 168) = $ 7.

Gain % = [(gain / CP) × 100] %

= [(7 / 168) × 100] %

= 25 / 6 %

= 4 ¹/₆ %

Q-10) If the cost price of 10 pens is equal to the selling price of 8 pens, find the gain or loss per cent.

Solution:

Let the cost price of each card be $ x

Then, CP of 8 pens = $ 8x.

SP of 8 pens = CP of 10 pens = $ 10x.

Thus, CP = $ 8x and SP = $ 10x.

Since, (SP) > (CP), there is a gain.

Gain = $ (10x – 8x) = $ 2x.

Gain % = [(gain / CP) × 100] %

= [(2x / 8x) × 100] %

= 25%

Q-11) 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%

Q-12) 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)

Q-13) 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%

Q-14) 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.

Q-15)  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.

Final Words

We hope that the information about Profit and Loss Formulas and some important illustrations that we have provided will be helpful for you. At last, we would like to say all the best to the students who have examinations very soon. If you want to ask something then you can write it in the framed below comment box.

Leave a Reply

Your email address will not be published. Required fields are marked *