Aptitude-profit and loss

This chapter deals with buying and selling of goods and the profit or loss involved in the transactions.

Cost price(cp): cost refers to the price at which an article is bought.

selling price(sp): selling price refers to the price at which an article is sold.

profit:
       If an article is sold at a price greater than the price for which it was bought, the trader makes a profit.

         Profit=selling price-cost price

Loss:
   If an article is sold at a price less than the price for which it was bought, then the trader makes a loss.

      Loss=cost price- selling price

Marked price(mp):
           The price indicated on the product or the price marked on the product is called the marked price.

 Discount:
          Trader sometimes sells goods at a price lower than the price marked on the product. This is called discount.

 Discount=Marked price-selling price


Profit percentage=  selling price-cost price  *100
                                          cost price

Loss percentage= cost price- selling price *100
                                        cost price
                               

Example:
         
1. Cost price= 100
 I want to earn 50% profit on selling this product so,
 2.Selling price= 100+ 50%(100)  =  150
People ask for discount so, I have to give a discount to them in spite of getting my 50% profit i.e., 50 rs.
Suppose I offer them a discount of 20 % on mrp, what should be my mrp so that I can get my profit


Ans:  mrp- 20%(mrp)= 150
     
         marked price(mrp)  = 187.5 rs


Questions to solve:

1.Raj and Ajay buys rice bags worth 45000 each. If Raj sells his rice bag at a profit of 15% and Ajay sells his rice bags at a loss of 5%. What is the overall profit/loss percentage?

Ans: 5%


2. Raju buys a book for Rs.100 and sells it at Rs 120. What was his percentage of profit in the deal?
Ans: 20%


3.A merchant buys goods worth Rs 30000 and pays Rs 25000 for their transportation. He sells the goods and makes a profit of 10%. How much did he sell the goods for?

4.The marked price of a wrist watch is 2900.If a discount of 15% is given on the watch, what is the selling price of the watch?

5.Two packs of rice are marked at the same price. The first pack of rice is sold at 2% discount and the seller makes a profit of 4% in it.The second pack of rice is sold at 4% discount and the seller makes a profit of 2% in it. What is the ratio of C.P of both the rice packs?
Ans:      833

              832