Profit and Loss Test

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Profit and Loss Test - 1

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Question 1
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Vinod incurred a loss of 45 per cent on selling an article for Rs. 3740. What was the cost price of the article.

A
Rs. 5725

B
Rs. 5080

C
Rs. 6250

D
Rs. 6400

E
None of these

Solution

Loss = 45%
⇒0.55 x Cost price = 3,740
Cost price = 3740/0.55 = 6800
Hence, option E is the right answer.
Question 2
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Meera incurred a loss of 40 per cent on selling an article for Rs. 5700/-. What was the cost of the article.

A
Rs. 7725

B
Rs. 9080

C
Rs. 8250

D
Rs. 9400

E
None of these

Solution

Let Cost Price of article be x

Cost Price of the article is ₹9,500.
Question 3
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The marked price of a book is Rs. 160 and it is sold for Rs. 136. What was the rate of discount.

A
15%

B
20%

C
12%

D
25%

E
None of these

Solution

Given:
Marked Price = Rs.160
Selling Price = Rs. 136
Formula used:
Discount = M.P −S.P
Where, M.P = Marked Price
S.P = Selling Price
Discount% = [(Discount/M.P) ×100]
Calculation:
Discount = M.P −S.P
⇒160 −136 = Rs.24
According to the question:
Discount% = [(Discount/M.P) ×100]
⇒Discount% = [(24/160) ×100] = 15%
∴The rate of discount is 15%.
Question 4
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A man buys an article for Rs. 300 and sells it for Rs. 900. Find his gain per cent

A
50%

B
100%

C
150%

D
200%

E
None of these
Solution
Cost Price (C.P.) = Rs. 300
Selling Price (S.P.) = Rs. 900
Step 1: Find the Gain
Gain = S.P. - C.P.
Gain = Rs. 900 - Rs. 300 = Rs. 600
Step 2: Calculate Gain Percent using the formula:

The man 's gain percentage is 200% .
Question 5
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A man buys a toy for Rs. 50 and sells it for Rs. 80. What is his gain per cent.

A
25%

B
40%

C
50%

D
60%

E
None of these
Solution
Cost Price (C.P.) = Rs. 50
Selling Price (S.P.) = Rs. 80
Step 1: Find the Gain
Gain = S.P. - C.P.
Gain = Rs. 80 - Rs. 50 = Rs. 30
Step 2: Calculate Gain Percent using the formula:

The man 's gain percentage is 60% .
Question 6
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A man buys a bicycle for Rs. 450 and sells it for Rs. 300. Find his loss per cent.

A
30%

B
35%

C
33 1/3

D
33%

E
None of these
Solution
Cost Price (C.P.) = Rs. 450
Selling Price (S.P.) = Rs. 300
Step 1: Find the Loss
Loss = C.P. - S.P.
Loss = Rs. 450 - Rs. 300 = Rs. 150
Step 2: Calculate Loss Percent using the formula:

The man 's loss percentage is 33.33% .
Question 7
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A shopkeeper marks a saree 20% above the cost price and allows a discount to the purchases of 10%. What profit percent does he make.

A
18

B
12

C
10

D
8

E
None of these

Solution

Given:
Marked price = 20% above the cost price
Discount = 10%
Formula used:
S.P. = [(100 - Discount%)/100] ×C.P.
Gain% = [(S.P. - C.P.)/C.P.] ×100
Where, C.P. = Cost price; S.P. = Selling price
Calculation:
Let, the cost price = Rs. 100
So, the marked price = 100 + (20% of 100) = Rs. 120
Then, the selling price = 120 ×(90/100) = 108
Gain percentage = [(108 - 100)/100] ×100 = 8%
∴The profit percentage is 8%
Question 8
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By selling an article for Rs. 480 a person lost 20%. For how much should he sell it to make a profit of 20%.

A
Rs. 800

B
Rs. 760

C
Rs. 720

D
Rs. 680

E
None of these

Solution

Given: Selling price = 480
Percentage loss = 20%
To make a profit = 20%
Concept Used: Cost price
Calculation:
Cost price = 600
If he wants to make a profit of 20%
He has to sell the product at 120% of the cost price.
So, New Selling price = 120% of 600

New Selling price to make 20% profit = 720 Rs.
Question 9
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The selling price of 5 article is the same as the cost price of 3 article. The gain or loss per cent is

A
20% gain

B
25% loss

C
33.3% loss

D
40% of loss

E
None of these

Solution

According to question , we have
C.P. of 3 articles = S.P. of 5 articles

Loss = S.P. - C.P. = 5 - 3 = $ 2

Loss% = 2 ×20 = 40%
Second method to solve this question:
Here, p = 3, q = 5

Loss% = 40%
Question 10
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A book seller bought 200 text book for Rs. 12000. He wanted to sell them at a profit so that he is left with 20 books as free. At what profit percent he sold them?

A
10

B
11

C
11.5

D
12

E
None of these

Solution

According to question,
CP of 200 book = 12000
CP of 1 book = 12000 / 200
= Rs. 60
To get 20 books free
Profit = 20 x 60 = 1200
i.e. 10% of Rs. 12000
⇒10% gain
Question 11
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A merchant finds that the CP of 2750 coconuts to be the same as the selling price of 2500 coconuts. Find the percent gain or loss.

A
5% loss

B
10% gain

C
15% loss

D
20% gain

E
None of these

Solution

According to the question,
2750 Cost Price = 2500 Selling Price
Question 12
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A fair price shopkeeper taken 10% profit on his goods. He lost 20% goods during theft. His loss per cent is

A
10

B
11

C
12

D
8

E
None of these

Solution

Formula used:
Net profit/Loss = x + y + (xy/100
Calculation:
(We will use positive sign with an increasing/profit percentage and negative sign with an decreasing/loss percentage))
Loss% = +10 - 20 + [10 ×(-20)]/100
⇒ Loss% = -10 - (200/100)
⇒ Loss% = -10 - 2 = -12 (Negative sign shows loss)
∴ His loss percentage is 12%
Question 13
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A man sold 18 cots for Rs. 16800, gaining there by the cost price of 3 cots. Find the cost price of a cot.

A
Rs. 600

B
Rs. 800

C
Rs. 900

D
Rs. 1000

E
None of these

Solution

(S.P of 18 cots) - (C.P of 18 cots) = (C.P. of 3 cots)
C.P. of 21 cots = S.P. of 18 cots = Rs. 16800
Price of 1 cot = 16800/21 = 800rs
Question 14
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Raghu purchased a scooter at 13/15^th of its selling price and sold it for 12% more than the selling price. His gain is

A
20%

B
30%

C

D

E
None of these

Solution

According to the question,

If they sold 12% more then its, old selling price.
So, new selling price is

= 16.8
∴Profit = Selling price - Cost price
       = 16.8 - 13
       = 3.8
Question 15
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The marked price of a pen is Rs. 60. After allowing a discount of 10% the merchant makes a profit of 20% what is the cost price of the pen.

A
Rs 40

B
Rs. 45

C
Rs. 60

D
Rs. 80

E
None of these

Solution

Marked price = 60rs.
discount = 10%
profit= 20%
then,
SP = 90% of 60 = 54
CP = (100/100 + 20) ×SP
= (100/120) ×54
= Rs. 45
Question 16
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A shopkeeper offers 10% discount on an article and still makes a profit of 20% what is the cost price of the article marked at Rs. 500?

A
Rs 440

B
Rs 425

C
Rs 400

D
Rs 375

E
None of these

Solution

Given:
A shopkeeper offers 10% discount and still makes a profit of 20%
Marked Price = Rs. 500
Formula used:
Marked Price (100 - Discount) = Cost Price (100 + Profit)
Calculation:
Marked Price (100 - Discount) = Cost Price (100 + Profit)
500 (100 - 10) = Cost Price (100 + 20)
500 (90) = Cost Price (120)
= 125 ×3
= 375
Answer is Rs. 375.
Question 17
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A dealer marked his goods 25% above the CP, and allows a 10% discount to his customers. What is his gain per cent.

A
12.5

B
35

C
15

D
17.5

E
None of these

Solution

Cost Price (CP): Assume CP = 100.
Marked Price (MP): MP = CP + 25% of CP = 100 + (25% of 100) = 100 + 25 = 125.
Selling Price (SP): Discount = 10% of MP = 10% of 125 = 12.5.
SP = MP - Discount = 125 - 12.5 = 112.5.
Gain: Gain = SP - CP = 112.5 - 100 = 12.5.
Gain Percentage:
Gain Percentage = (Gain divided by CP) multiplied by 100 = (12.5 divided by 100) multiplied by 100 = 12.5%.
The dealer 's gain percentage is 12.5%.
Question 18
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The cost of manufacturing of articles is Rs. 900. Trader wants to gain 25% after giving a discount of 10%. The marked price should be

A
Rs. 1500

B
Rs. 1250

C
Rs. 1200

D
Rs. 1000

E
None of these

Solution

Here , CP of article = ₹900 , discount = 10%
∴ After 25% gain , S.P. of article = 125% of 900

Let the marked price be y
∴ 90% of y = 1125
Question 19
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A shopkeeper purchases 12 baloons for Rs. 10 and sells them at 10 baloons for Rs. 12. He earns a profit of

A
35%

B
36%

C
44%

D
45%

E
None of these

Solution

The correct option is C.
C.P of 12 balloons = 10
C.P of 1 balloon = 10/12 = 5/6
S.P of 10 balloons = 12
S.P of 1 balloon = 12/10 = 6/5
Profit = S.P - C.P
= 6/5 - 5/6
= (36 - 25)/30
= 11/30
Profit % = ( Profit/C.P ) ×100
= {(11/30)/(5/6)} ×100
= (11/30) ×(6/5) ×100
= 44%
Question 20
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Anu sold 2 books at Rs. 1.40 each. Her profit on one was 20% and her loss on the other was 20%. Then she made

A
lost 12 paise

B
gained 20 paise

C
No loss no gain

D
lost 20 paise

E
None of these

Solution

It the SP for both the Items is same and
there is a profit of x% and a loss of x% ,
then the resultant loss = x ²/100%
So, the resultant loss = 4%.
Total SP = 2.80, which is equal to 96% of CP of 2 books.
.: CP of 2 books = 2.80 ×100/96 = 2.92 (Appx);
:. Loss = 2.92 –2.80 = .12 = 12 paise .