Profit And Loss Test

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Profit And Loss Test - 1

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Question 1
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Chirag bought 50 kg of rice at Rs. 25 per kg. He also bought vanaspati and onions. The quantity of vanaspati is equal to the collective sum of quantities of rice and onions. Also, the sum of the quantities of vanaspati and onions is equal to twice the quantity of rice he has bought. If Chirag bought the onions at Rs. 10 per kg, what is the difference in the amounts spent by Chirag on onions and rice?

A
Rs. 1000

B
Rs. 500

C
Rs. 750

D
Rs. 2000

Solution

Let R, V and O be the quantities of rice, vanaspati and onions, respectively.
R = 50 kg V + O = 2R, i.e. V + O = 100 kg …(1)

Also, V = R + O, i.e. V – O = 50 kg … (2)
Solving (1) and (2):

V = 75 kg, O = 25 kg.
Amount spent on rice = Rs. 25 x 50 = Rs. 1250

Amount spent on onions = Rs.10 x 25 = Rs. 250
Difference in both the amounts = Rs. 1250 – Rs. 250 = Rs. 1000
Question 2
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Harry and Jon plan to spend the afternoon at the fair. After paying the entrance price of Rs.5.00 each they entered the fair ground. Jon looked around and saw that the Dragon ride was Rs.3.50 and the Loppo was Rs.2.75. In addition, there were 3 activities he wanted to do which cost Rs.1.50 each. Jon guessed that snacks and drinks would cost Rs.3.50. Jon could see that he did not have enough money. Jon then borrowed Rs.6.00 from Harry. They noted that after Harry gave Jon Rs.6, Harry still had Rs.12.00 more than Jon. How much more money did Harry have than Jon had before Harry gave Jon Rs.6.00?

A
Rs.12

B
Rs.18

C
Rs.24

D
Rs.30

Solution

The problem asks for how much more money Harry had than Jon.
How much more = Harry had - Jon had
This equation first requests information about the amount of money Harry had.

This is surely the amount he now has plus the amount he gave to Jon.
Harry had = Harry has + 6.00

The requesting equation now requests information about the amount of money Jon had.
This is surely the amount he had less the amount Harry gave him.

Jon had = Jon has - 6.00
Substitution provides

How much more = (Harry has + 6.00) - (Jon has - 6.00)
How much more = (Harry has - Jon has) + 12.00

The problem tells us that after the lending
Harry has - Jon has = 12.00

Substitution gives
How much more = (12.00) + 12.00 = Rs.24.00.

Harry had Rs.24.00 more than Jon when he loaned Jon Rs.6.00.
Question 3
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On selling an article for Rs. 240, a trader loses 4%. In order to gain 10%, at what price he must sell the article?

A
Rs. 264

B
Rs. 273

C
Rs. 275

D
Rs. 280

Solution

SP = Rs. 240
Loss = 4%

⇒ 0.96CP = 240

⇒ CP = 250
Now, the trader wants to earn 10% on the transaction.
Thus, new SP = 250 x 1.1 = Rs. 275
Question 4
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Kishore asks his servant to buy eggs and oranges. Each egg is worth Rs. 2 and each orange is worth Rs. 3. Each egg weighs 0.3 kg and each orange weighs 0.5 kg. The servant's bag can carry at most 15 kg. What should he buy to spend the maximum money?

A
30 eggs and 12 oranges

B
28 eggs and 14 oranges

C
30 oranges

D
50 eggs

Solution

Do it by going through the options.
(1) Weight of 30 eggs and 12 oranges = (30 × 0.3) + (12 × 0.5) = 15 kg

Amount = 30 × 4 + 12 × 3 = Rs. 96
(2) Weight of 28 eggs and 14 oranges = (28 × 0.3) + (14 × 0.5) = 15.4 kg (Not possible)

(3) Weight of 30 oranges = 30 × 0.5 = 15 kg
Amount = 30 × 3 = Rs. 90

(4) Weight of 50 eggs = 50 × 0.3 = 15 kg
Amount = 50 × 2 = Rs. 100