Tricks and concepts on Profit and Loss - 2

Q.1 Loss on selling on object for Rs. 500 is equal to the profit gained if the object is sold for Rs.900. Find the original C.P. of the object.

If we are given two selling prices of which one is showing loss and other giving the profit, find out the difference and divide it in the ratio of loss and profit. Here the ratio was 1 : 1, so we divided 400 in 1 : 1

Q.2 A shopkeeper when sells on object for Rs. 900, then he faces loss which is equal to half of the profit gained if the object is sold for Rs. 1200. Find cost price.

C.P. = 900+100 or 1200 - 200

=Rs 1000

In this question, the ratio of loss and profit was 1 : 2 so, accordingly we divided the difference in the ratio 1 : 2 which gave us 100 and 200.

Q.3 A person gained Rs.50 more as profit from the amount he lost if he had sold it for Rs. 600, after selling it for Rs. 760. Find C.P.

C.P = 600 + 55 or 760 -105
=Rs. 655

Profit on 2nd S.P. will be Rs. 50 more than the loss on 1st S.P., So if we deduct Rs. 50 from difference, the remaining will be equal profit and loss so, either add 55 to 1st S.P. or deduct 105 from 2nd S.P.

Q.4 A shopkeeper sells an article at 20% profit. Had he purchased it at 10% less price and sold it at 30% profit, he would have charged Rs. 15 less for the article. Find original C.P. of the article.

∴ Actual C.P. = 100 x 5 = Rs. 500

We assume the C.P. = Rs. 100 and S.P. = Rs.120. (After 20% profit). After purchasing it for 10% less, the new C.P. becomes 90 and selling it at 30% profit gives now S.P. = Rs. 117. Difference is Rs. 15 which is 5 times of obtain difference. Original C.P. will also be 5 times of assumed C.P. = Rs.500

Q.5 A reduction of 20% in the cost price of sugar enables a house wife to buy 5kg. more sugar for Rs. 100. Find original cost price.

Original Price = 100/20 =Rs.51 Kg

20% can be written as 1/5. So, if the original price was 5, new price will be for. In the same way,old consumption will be 4 unit and new consumption will be 5 unit because decrease in price of the sugar will be directly proportional to the increase in consumption increase in consumption is 1 unit but actual increase is 5 Kg.
∴ Original consumption and new consumtion will also be 5 times i.e. 20 kg and 25 kg.

Some questions based on above concepts:-

1.1/3’rd of a commodity is sold at 15% profit, ¼ is sold at 20% profit and the rest at 24% profit. If the Total profit is Rs. 80 is earned then find the value of commodity?

A) 350

B) 410

C) 400

D) 300

2.A man purchases a certain no. of apple at 5 per rupee and same no. at 4 per rupee. He mixes them together and sells them at 4 per rupee. What is his gain or loss%?

A) Gain 20 %

B) Gain 11.11%

C) Loss 11.11%

D) Loss 20 %

3.A trader allows a Discount of 5% for cash payment. How much approx % above cost price must he mark his goods to make a profit of 10%?

A) 8.9%

B) 10%

C) 12.75%

D) 15.8%

4.If selling price is doubled, the profit triples. Find the profit percent?

A) 100%

B) 116.67%

C) 200%

D) 300%

5.The percentage profit earned by selling an article for Rs. 1920 is equal to the percentage loss incurred by selling the same article for Rs. 1280. At what price should the article be sold to make 25% profit?

A) 2200

B) 2400

C) 2500

D) 2000

6.Abhishek purchased 20 dozens of toys at the rate of Rs. 375 per dozen. He sold each one of them at the rate of Rs. 33. What was his percentage profit?

A) 5.4

B) 5.6

C) 6.5

D) 4.5

7.Some articles were bought at 6 articles for Rs. 5 and sold at 5 articles for Rs. 6. Gain percent is:

A) 33.33%

B) 66.66%

C) 44%

D) 50%

8.On selling 17 toys at Rs. 720, there is a loss equal to the cost price of 5 toys . The cost price of a Toy is:

A) Rs. 50

B) Rs. 60

C) Rs. 65

D) Rs. 70

9.A shopkeeper sells some articles at the profit of 25% on the original price. What is the exact amount of profit? To find the answer, which of the following information given in Statements I and II is/are Sufficent?

I. Sale price of the article

II. Number of articles sold

A)Only I is sufficient.

B)Only II is sufficient.

C)Both I & II are sufficient.

D)Either I or II are sufficient.

E)Both I & II are not sufficient.

10.A man purchases 10 Cows at Rs. 3000 each. 1 Cow died. He sold 2 Cows at 5% loss, at what rate he should sale the remaining Cows, so as to gain a Profit of 10 % on the total Cost?

A) Rs.4000

B) Rs.3000

C) Rs.3900

D) Rs. 4500

E) Rs. 4200

Answers:-

1). C

2). B

3). D

4). A

5). D

6). B

7). C

8). B

9). C

10). C