In this blog, we will be discussing the important concepts and formulas related to Profit and Loss & questions based on it. It is an important topic from bank exams point of view & you can expect questions being asked from this topic.
- The price at which an article is purchased is known as its Cost Price (C.P).
- The price at which an article is sold is known as its Selling Price (S.P).
- There is a loss occurred in a transaction if C.P. > S.P.
- There is a profit registered in the transaction if C.P. .
- Price that is marked on an article is known as its Marked Price (M.P.) or the list price.
- Discount =M.P – S.P
Profit and Loss Formulae
- Discount = Marked Price (M.P.) – Selling Price (S.P.)
- Gain % = (Gain/C.P.) * 100
- Loss % = (Loss/C.P.) * 100
- Selling Price (S.P) = [(100 + Gain %) / 100)] * C.P.
- Selling Price (S.P) = [(100 – Loss %) / 100)] * C.P.
- Cost Price (C.P) = [100 / (100 + Gain %)] * S.P.
- Cost Price (C.P) = [100 / (100 – Loss%)] * S.P.
- If an article sold at a gain of 10%, then S.P. = 110% of C.P.
- If an article sold at a gainof 78%, then S.P. = 178% of C.P.
- If an article sold at a gain of x %, then S.P. = (100+x) % of C.P.
- If an article sold at a loss of 10%, then S.P. = (100-10) % of C.P.
- If an article sold at a loss of x%, then S.P. = (100-x) % of C.P.
Profit and Loss Tips
- The Marked Price (M.P.) is different from the Selling (S.P.),because a shopkeeper has the sole authority/discretion to decide if he wants tosell a product at the Listed Price (L.P.)/Marked Price (M.P.) or at a pricelower than that, in which case there would be a discount.
- Profits and losses are always calculated on the basis of the cost price of the product.
- When two items are sold at the same S.P with one being sold at x% profit & the other being sold at x% loss, then there is an overall loss percentage that is given by (x2 / 100) %.
Few examples are shared below:
Q. A machine is sold at a profit of 10%. Had it been sold for Rs. 80 less, there would have been a loss of 10%. The cost price of the machine is:
Q2. The marked price of a trouser is Rs. 690. The shopkeeper allows a discount of 10% and gains 8%. If no discount is allowed, his gain per cent would be
Q3. X sells table and chair forRs. 4,000 each with no loss and no gain in the overall transaction. If the table was sold at a gain of 25% then calculate the loss occurred on selling the chair.
Q4. The cost price of 19 articles is same as selling price of 29 articles. What is the loss percentage?
For more questions
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