Some pencils are sold at a loss of 20% and let the remaining at a gain of x%. We already saw how to find overall gain or loss percentage in case there are two items, whose S.P. Thus, we hope that this blog on profit and loss formulas helped you gain insight into the concept.
If SP of two articles are same and one is sold at a profit of x% and another is sold at a loss of x%, then in that case there will always be a loss. Q 18 – A fruit seller sells bananas at a profit of 20%. If he increases the selling price of each banana by 25 paisa, he earns a profit of 45%. Find the initial selling price of each banana and also its cost price.
Type 3: Profit/Loss in terms of SP
For how much Chandan sell the calculator to Dinesh. Let us assume that he bought 10 articles of each kind. In this article, we are going to have a look at the various kinds of questions formed on Profit and Loss.
- The formulas are easy and the calculations are not that difficult.
- What will be the percentage loss or gain if he reduces the price to Re 55 due to less demand.
- Let us check out some of the most important concepts of profit and loss.
- Hence, if she makes a profit of 35% on the second dress, it comes to a total of 20% profit on the whole.
- In first transaction we get 10% of Rs. x as profit.
Hence, if she makes a profit of 35% on the second dress, it comes to a total of 20% profit on the whole. Hence, there is neither gain nor loss, in the overall transaction. In first transaction we get 10% of Rs. x as profit. The amount for which the product is sold is called the Selling Price.
Q5: A seller claims to sell at cost price but gives 750 gm for each KG. Find his gain percent.
Profit and loss are crucial topics in Quantitative Aptitude sections of various competitive exams. To succeed in these exams, candidates must have a solid understanding of the cost price (CP) and selling price (SP) formulas, as well as the different types of profit and loss questions. If yes, then you must be trying your best to hit the bull’s eye in the GMAT exam. Graduate Management Aptitude Test (GMAT) is a prestigious test which one has to qualify in order to opt for overseas education in the Management domain. Being one of the most reputable competitive exams, GMAT assess the applicants through sections like Logical Reasoning, Quantitative Aptitude, English Language etc. If you are appearing for the GMAT exam this year, here is a blog to help you with some profit and loss formulas and questions to practice.
- Q 7 – Anil buys a calculator for Re 600 and sells it to Vikash at 10% profit.
- If he increases the selling price of each banana by 25 paisa, he earns a profit of 45%.
- Hence, there is neither gain nor loss, in the overall transaction.
- Find the percent change in the actual price or loss.
While the questions are not too tricky, some require deeper understanding of concepts, but most of them are based on certain well-known formulas. Let the cost price of items A and B be A and B respectively. If you understand the basics of this concept then you can definitely ace the questions pertaining to this question. The formulas are easy and the calculations are not that difficult.
Formulas
The amount gained by selling a product with more than its cost price. Let us check out some of the most important concepts of profit and loss. Profit and Loss is a topic that is definitely asked in every placement exam.
Do you aspire to study abroad but are clueless about how to proceed? Reach out to Leverage Edu and we will help you get started on the right career path. After these examples, now let us check how much you have grasped the profit and loss formulas by solving the below-mentioned questions on your own. But you don’t need to give into these doubts, let the counsellors at Leverage Edu help you in deciding what course is suited for your strengths. If he had bought it at 20% more and sold it for Re 115 less, he would have incurred a loss of 40%.
Sample Questions on Profit and Loss
GMAT has a couple of questions that are based on the concepts of profit and loss. Now that we have a basic understanding of profit loss concepts and we know the important formulas regarding the same, let us try solving some problems related to profit and loss questions. If you have been preparing for competitive exams you must be aware of the quantitative section syllabus. Profit and loss questions are one of the key concepts that one should be aware of because of the frequency of questions asked on this topic in any competitive exam. Acing the profit and loss questions can help you in getting a good score in the quantitative section which will help you in having an edge over others.
Q 14 – Ram sells chocolates at a profit of 20% for Re 60. What will be the percentage loss or gain if he reduces the price to Re 55 due to less demand. Q 4 – The CP of 25 articles is equal to SP of 20 articles. Q 2 – By selling 33 meters of cloth, one gains the selling price of 11 meters.
The actual cost paid for a product which includes taxes and other overhead expenses. Q 16 – A 10% hike in the price of wheat forces a person to purchase 2 kg less for Re 110.
The formulas discussed here will help you save time, and practice will definitely help you increase your probability of successfully attempting these questions. Q 9 – A vendor when could not find buyers for his vegetable at Re 10/kg, reduced the rate to Re 8.10 per kg but uses a faulty weight of 900 gm in place of 1 kg weight. Find the percent change in the actual price or loss. Q 7 – Anil buys a calculator for Re 600 and sells it to Vikash at 10% profit. Chandan after using it for certain time, sells it to Dinesh at a loss of 20%.
Profit & Loss – Solved Examples
Some apples are sold at a loss of 10% and the remaining at a gain of 20%. Now that you are clear with profit and loss formulas, below mentioned are some solved examples that will help you understand the usage of the above-mentioned and related formulas. You must be aware of the basic terminology behind this topic but let us briefly go over the key terms involved in profit and loss questions. A person sells two objects at the same price, one at a profit/loss of a% and another at a profit/loss of b%. Marked Price is an additional price that is put up by the shopkeepers upon the selling price to offer a certain discount.