Profit and Loss Questions Answers

• 1. A man buys an article for Rs. 27.50 and sells it for Rs 28.60. Find his gain percent

1. 1%
2. 2%
3. 3%
4. 4%

Explanation:

So we have C.P. = 27.50
S.P. = 28.60

Gain = 28.60 - 27.50 = Rs. 1.10

\begin{aligned}
Gain\% = \left( \frac{Gain}{Cost} * 100 \right)\% \\
= \left( \frac{1.10}{27.50} * 100 \right)\% = 4\%
\end{aligned}

• 2. A TV is purchased at Rs. 5000 and sold at Rs. 4000, find the lost percent.

1. 10%
2. 20%
3. 25%
4. 28%

Explanation:

We know, C.P. = 5000
S.P. = 4000
Loss = 5000 - 4000 = 1000
\begin{aligned}
Loss\% = \left( \frac{Loss}{Cost} * 100 \right)\% \\
= \left( \frac{1000}{5000} * 100 \right)\% = 20\%
\end{aligned}

• 3. In terms of percentage profit, which among following the best transaction.

1. C.P. 36, Profit 17
2. C.P. 50, Profit 24
3. C.P. 40, Profit 19
4. C.P. 60, Profit 29

Explanation:

Hint: Calculate profit percent as

Profit% = (profit/cost) * 100

• 4. A person incurs a loss of 5% be selling a watch for Rs. 1140. At what price should the watch be sold to earn 5% profit.

1. Rs.1200
2. Rs.1230
3. Rs.1260
4. Rs.1290

Explanation:

Let the new S.P. be x, then.
(100 - loss%):(1st S.P.) = (100 + gain%):(2nd S.P.)

\begin{aligned}
=>\left( \frac{95}{1140} = \frac{105}{x} \right) \\

=> x = 1260
\end{aligned}

• 5. A book was sold for Rs 27.50 with a profit of 10%. If it were sold for Rs. 25.75, then would have been percentage of profit and loss ?

1. 2% Profit
2. 3% Profit
3. 2% Loss
4. 3% Loss

Explanation:

\begin{aligned}
S.P. = \left( \frac{100+gain\%}{100} * C.P \right)\\
\text{So, C.P. = }\left( \frac{100}{110} * 25.75 \right)\\
\text{When S.P. = 25.75 then } \\
Profit = 25.75 - 25 = Re. 0.75 \\

Profit\% = \frac{0.75}{25} * 100 = 3\%

\end{aligned}

• 6. Alfred buys an old scooter for Rs. 4700 and spends Rs. 800 on its repairs. If he sells the scooter for Rs. 5800, his gain percent is

1. \begin{aligned} \frac{6}{19}\% \end{aligned}
2. \begin{aligned} \frac{6}{17}\% \end{aligned}
3. \begin{aligned} 5\frac{5}{11}\% \end{aligned}
4. \begin{aligned} 3\frac{5}{11}\% \end{aligned}

Explanation:

Whenever we get this type of question, we should have formula in mind that,
Gain% = (gain/cost)*100

Cost = 4700 + 800 = Rs. 5500
S.P. = Rs. 5800

Profit = 5800 - 5500 = 300
\begin{aligned}
Gain\% = \frac{300}{5500}*100 \\
= 5\frac{5}{11}\%
\end{aligned}

1. 150%
2. 200%
3. 300%
4. 350%