# Profit and Loss Problems with Solutions. Let’s crack MBA CET 2019

## Profit and Loss Problems with Solutions

In this article, we will learn the different types of questions asked on Profit and Loss topic in MBA CET exam. First of all, let’s clear basic concepts.

C.P – Cost Price

S.P – Selling Price

Profit is money earned when a certain commodity is sold at price higher than Cost Price.

Profit(P) = S.P – C.P

A Loss is money lost when a certain commodity is sold at price lower than Cost Price.

Loss(L) = C.P – S.P

Profit Percentage, as well as Loss Percentage, is carried with respect to C.P only.

Formula :

Profit% = (P/C.P)*100

Loss% = (L/C.P)*100

**Sum 1. **

Tom buys a cycle for Rs. 4700 and spends Rs. 800 on its repairs. If he sells the cycle for Rs. 5800, his gain in percent is:

a. (32/7)%

**b. (60/11)%**

c. 10%

d. 12%

Solution:

C.P = Rs.(4700+800) = Rs. 5500

S.P = Rs. 5800

Profit = S.P – C.P = 5800 – 5500 = Rs. 300

Profit% = (300/5500)*100 = (60/11)%

**Sum 2.**

The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%, then the value of x is:

a. 15

**b. 16**

c. 18

d. 25

Solution:

Let C.P of each article be Rs. 1, therefore C.P of x articles = Rs. x

Therefore S.P of x articles = Rs. 20

Profit = Rs. (20 – x)

Therefore (20 – x)/x * 100 = 25

2000 – 100x = 25x

x = 16

**Sum 3.**

The profit triples when the selling price is doubled. What is profit percent?

**a. 100**

b. 120

c. 33.33

d. 66.66

Solution:

Let C.P be Rs.x and S.P be Rs.y

then, 3(y – x) = (2y – x)

y = 2x

Profit = Rs. (y – x) = Rs.(2x – x)= Rs.x

Therefore Profit%=(x/x)*100 = 100

**Sum 4.**

Tom buys a bag for Rs. 1400 and sells it at a loss of 15%. What is the selling price of the bag?

a. Rs. 1090

b. Rs. 1160

**c. Rs. 1190**

d. Rs. 1202

Solution:

S.P = 85% of Rs. 1400 = Rs. (85/100)*1400 = Rs. 1190

**Sum 5.**

When a second-hand bike is sold for Rs. 18,700, the owner loses 15%. At what price must that bike be sold in order to gain 15%?

a. Rs. 21,000

b. Rs. 22,500

**c. Rs. 25,300**

d. Rs. 25,800

Solution:

(85/18700) = (115/x)

x = (18700*115)/85 = Rs. 25,300

Solve all the above questions and post your answers in the comment box. The given sums are basic in nature. Stay connected, the advance level sums will be updated soon

1.B

2.D

3.D

4.C

5.C