Aptitude ➤ Profit And Loss ➤ Set 1

#### Profit And Loss : Important Facts and Formulae

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

2. Selling Price: The price at which an article is sold, is called its selling price, abbreviated as S.P.

3. Profit Or Gain: If S.P. is greater than C.P., the seller is said to have a profit or Gain.

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

5. Formulae:

i) Gain = SP - CP
ii) Loss = CP - SP
iii) Loss or Gain is always reckoned on CP.
iv) Gain % = (Gain X 100)/CP
v) Loss % = (Loss X 100)/CP
vi) SP = [(100+Gain%)/100] X CP
vii) SP = [(100-Loss%)/100] X CP
viii) CP = [100/(100+Gain%)] X SP
ix) CP = [100/(100-Loss%)] X SP
x) If an article is sold at a gain of say , 35 % , then SP = 135 % of CP
xi) If an article is sold at a loss of say , 35 % , then SP = 65 % of CP
xii) When a person sells two similar items , one at a gain of say , x % , and the other at a loss of x % , then the seller always incurs a loss given by :

Loss % = [(Common loss or gain %)/10]2
= (x/10)2

xiii) If a trader professes to sell his goods at cost price , but uses false waits, then

Gain % = [Error/(True Value - Error)] X 100 %

Question 1
Q1.  A man buys an article for Rs. 27.50 and sells it for Rs. 28.60. Find his gain percent ?
Question 2
Q2.  If a Radio is purchased for Rs. 490 and sold for Rs. 465.50, Find the loss percent .
Question 3
Q3.  A man buys a cycle for Rs. 1400 and sells it at a loss of 15%. What is the selling price of the cycle ?
Question 4
Q4.  A shopkeeper expects a gain of 22.5% on his cost price. If in a week, his sale was of Rs. 392, what was his profit?
Question 5
Q5.  Some pens were bought at 6 pens for Rs. 10 and sold at 4 pens for Rs. 6. Gain Or Loss percent is ? 