PROFIT AND LOSS
In this article, we will learn the different types of questions asked on Profit and Loss topic in MBA CET/CMAT/MAT/ATMA etc. exams. First of all, let’s clear the 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.
Profit% = (P/C.P)*100
Loss% = (L/C.P)*100
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:
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)%
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:
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
The profit triples when the selling price is doubled. What is profit percent?
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
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
S.P = 85% of Rs. 1400 = Rs. (85/100)*1400 = Rs. 1190
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
(85/18700) = (115/x)
x = (18700*115)/85 = Rs. 25,300
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