Profit & Loss Questions and Answers For Competitive Exams: Formulas, tricks, and much more

All of us are engaged in some form of financial transaction regularly in day to day life. Often we wonder about financial soundness of our purchase. Matric for determine whether our purchase was right or wrong, is the amount of profit or loss we have incurred. Studying profit and loss gives one basic understanding of cost price, selling price, percentage of profit or loss incurred. While the chapter of profit and loss is taught at matriculation level, it is an important topic for competitive exams. Profit and loss though a relatively easy section in quantitative aptitude, hold over the section is determined by speed at which a candidate is able to solve the questions. One should have basic understanding of terms involved and ability to understand the question. Practice of any mathematical section is essential to ace that section. We have covered few basic formulas for your better understanding, followed by some questions on those.

Gain = (S.P.) - (C.P.)

Loss = (C.P.) - (S.P.)

Loss or gain is always reckoned on C.P.

Gain Percentage: (Gain %)

Gain % = (Gain x 100)/C.P.

Loss Percentage: (Loss %)

Loss % =(Loss x 100)/C.P.

Selling Price: (S.P.)

SP = [(100 + Gain %)/100] x C.P.

Selling Price: (S.P.)

SP = [(100 - Loss %)/100] x C.P.

Cost Price: (C.P.)

C.P. =[100/(100 + Gain %)] x S.P.

Cost Price: (C.P.)

C.P. = [100/(100 - Loss %)] x S.P.

If an article is sold at a gain of say 35%, then S.P. = 135% of C.P.

If an article is sold at a loss of say, 35% then S.P. = 65% of C.P.

When a person sells two similar items, one at a gain of say x%, and the other at a loss of x%, then the seller always incurs a loss given by:

Loss % = [Common Loss and Gain % 2 ]^2 = [x/10]^2

If a trader professes to sell his goods at cost price, but uses false weights, then

Gain % =[Error/(True value - error)] x 100%

Q.1) A shopkeeper gives a discount of 28% on marked price of article P and selling price of article Q is 33 1/3% more than the selling price at article P, if shopkeeper made 20% profit on article Q and selling price of article P was Rs 200 less than cost price of article Q, then find the cost price of article P, which shopkeeper sold at profit of 20%?

1) Rs 1500

2) Rs 2000

3) Rs 1200

4) Rs 1000

5) Rs 1800

Q.2) A person sold an article with 20% loss on the cost price. He bought the article at a discount of 20% on the labeled price. What would have been the percentage had he bought it at the labeled price?

1) 32%

2) 36%

3) 45%

4) 27%

5) 40%3

Q.3) P sells an article which cost him Rs. 8000 to Q at a loss of 20%. Q then sells it to R, making a profit of 30% on the price he paid to A. How much does R pay to Q?

1) Rs 8440

2) Rs 8500

3) Rs 8320

4) Rs 8800

5) Rs 8750

Q.4) Mohit bought a laptop at 20% discount on the listed price. Had he not got the discount, he would have paid Rs. 12400 extra. At what price did he buy the calculator?

1) 36

2) 30

3) 28

4) 42

5) 32

Q.5) Two shopkeepers sell an article for Rs.18000 each. Shopkeeper A calculates his profit on cost price while shopkeeper B calculates his profit on selling price. Both make a profit of 20% each. By how many rupees is the actual profit made by shopkeeper B more than that made by shopkeeper A?

1) Rs 700

2) Rs 550

3) Rs 660

4) Rs 600

5) Rs 500

Q.6) A shopkeeper purchased 40 kg of variety A Sugar at Rs. X per kg and 25 kg of variety B sugar at Rs. (X + 10) per kg. The shopkeeper sold the whole quantity of variety A sugar at 20% profit and that of variety B sugar at 10% profit. The total selling price of variety A sugar was Rs. 135 more than that of variety B sugar. Had the two varieties been mixed and sold at an overall profit of 17%, what would have been the selling price (per kg)?

1) Rs 31.2 per kg

2) Rs 29.9 per kg

3) Rs 26.9 per kg

4) Rs 27.9 per kg

5) Rs 28.8 per kg

Q.7) Mahesh bought a cycle for Rs. 8800 and marked it up by 25% and gave a discount of 10%. After some time His friend came in to buy the cycle and bargained with Mahesh for an additional discount of 10% on the already discounted price. What is the profit earned by Mahesh?

1) Rs 110

2) Rs 220

3) Rs 210

4) Rs 100

5) Rs 90

Q.8) The cost of a pen is Rs. 10. A shopkeeper sold these pens at Rs. 144 per dozen. If he gives 10% discount on selling price, find the ratio of the profit % after giving the discount and profit % without giving the discount?

1) 2:3 2) 5:4 3) 5:2 4) 5:3 5) 4:3 Q.9) A person purchased a laptop and a smart phone for Rs. 3900. He sold the laptop at a profit of 8% and the Smartphone at a profit 11%. If his total profit was 9%, find the difference between the Cost price of the Laptop and Smartphone? 1) RS 18000

2) RS 15000

3) RS 13000

4) RS 23000

5) RS 33000

Q.10) The marked price of a Smartphone and a Laptop are in the ratio of 4: 7. The shopkeeper gives 20% discount on the Laptop. If the total discount on the Smartphone and the Laptop is 25% then find the discount offered on Smartphone discount?

1) 30.25%

2) 36.75%

3) 35.25%

4) 32.25%

5) 33.75%

Q.11) A laptop costs 5 times the cost of a Smartphone. On selling laptop there is a profit of 10% while the total profit on selling both Laptop and Smartphone is 5%. If there is a profit of Rs. 1750 on selling headphone then find the cost price of laptop?

1) 18 years

2) 10 years

3) 16 years

4) 20 years

5) 12 years

Q.12) A company owner fixes his selling price at 25% over the cost of production. If cost of production goes up by 10% and manufacturer raises his selling price by 10%, find his profit percentage?

1) 15%

2) 35%

3) 20%

4) 30%

5) 25%

Q13. The selling price of the Laptop is 40% more than the selling price of the mobile and the selling price of the watch is 40% less than the selling price of the mobile. If the selling price of the laptop is Rs.4000 more than the selling price of the mobile, then what is the average of the selling price of the watch and mobile?

1) Rs 1000 2) Rs 4000 3) Rs 8000 4) Rs 6000 5) Rs 5000 Q14. If the profit earned on selling an article for Rs.2400 is 75% of the loss incurred on selling the same article for Rs.1700, then find the selling price of the article earn a profit of 20%? 1) 1000 2) 2100 3) 3000 4) 2500 5) 4000 Q15. A toy was sold by the seller after giving a discount of 24% for Rs.114. What is the cost price of the toy if the ratio of marked price to cost price is 5: 7? 1) Rs.310

2) Rs.250

3) Rs.210

4) Rs.250

5) Rs.200

Q16. The marked price of cycle and Watch is Rs.2800 and Rs.3000 respectively. If the shopkeeper allows the discount on marked price of the cycle is Rs.800 which is 80% of the discount of watch, then what is the difference between the selling price of watch and cycle?

1) 0

2) 20

3) 30

4) 25

5) 40

Q17. The marked price of the Doll is 25% more than its cost price. The shopkeeper offers the discount of Rs.360 on marked price of doll. If the doll sold for Rs.200 more while he gets the profit of 15%, then find the marked price of the doll?

1) Rs 1000

2) Rs 2000

3) Rs 3000

4) Rs 2500

5) Rs 4000

Q18. The marked price of the table is 25% more than the cost price of the table and the shopkeeper offers two successive discounts of 20% and 10% respectively on marked price of the table. If the shopkeeper gets the loss of Rs.1200, then what is the selling price of the table?

1) 10000

2) 13800

3) 12800

4) 20800

5) 10800

Q19. The marked price of a laptop is Rs.16000 and the shopkeeper bought a laptop at the rate of Rs.12500. If the shopkeeper offers a discount of 10% on marked price of the laptop, then what is the percentage of profit earned by shopkeeper?

1) 15%

2) 25.2%

3) 30%

4) 15.2%

5) 35.2%

Q20. If the profit earned on selling an article for Rs.2400 is 75% of the loss incurred on selling the same article for Rs.1700, then find the selling price of the article earn a profit of 20%?

1) Rs.1620

2) Rs.2500

3) Rs.2000

4) Rs.1520

5) Rs.2520

Answer: 1

Solution:

Let MP of article of P = 100x

SP of article P = 100x * (100-28)/100 = > 72x

SP of article Q = 72x * 4/3 = > 96x CP of article Q = 96x / 120 * 100

= > 80x CP of article P = 72x / 120 * 100 = > 60x

Given,

80x – 72x = 200

X = 200 / 8 X = 25

CP of article P = 60 * 25 = > Rs 1500

Q2. Answer: 2

Solution:

Let the CP = Rs 100

SP after loss of 20 % = Rs 80

Had bought article 20% discount on labeled price,

80 × x100=100 x = 125

Loss = 125 – 80 =Rs 45

Loss % = 45125 ×100= 36 %

Q3. Answer: 3

CP for Q = 80100 × 8000 = Rs 6400

CP for R = CP for R = 130100 ×6400 = Rs 8320

Q4. Answer: 5

Solution:

Let the original price of laptop be Rs x

According to question

20100 ×x=12400

x = Rs 62000

Mohit bought calculator in = 62000 – 12400 = Rs 49600

Q5. Answer: 4

Profit of shopkeeper A = 18000100 ×20

18000100 ×20 = Rs 3600

CP for Shopkeeper B = 18000120 ×100=Rs 15000

Profit of shopkeeper B = 15000100 ×20 15000100 ×20 = Rs 3000

Required difference = 3600 – 3000 = Rs 600

Q6. Answer: 4

Let CP for Variety A sugar = Rs 40x

SP for Variety A sugar = 120100 ×40x=48x

Let CP for Variety B sugar = Rs 25(x + 10)

SP for Variety B sugar = 110100 ×25(x+10)=27.5x+275

Now according to question,

48x = 27.5x + 275 + 135 48x – 27.5x = 410 x = Rs 20

CP for Shopkeeper A = 40 × 20 = Rs 800

CP for shop keeper B = 25 × 30 = RS 750

SP of Mixture = (800+750)117100= Rs 1813.5 𝟖𝟎𝟎+𝟕𝟓𝟎𝟏𝟏𝟕𝟏𝟎𝟎= 𝑹𝒔 𝟏𝟖𝟏𝟑.𝟓

SP per kg = 1813.565=Rs 27.9 𝟏𝟖𝟏𝟑.𝟓𝟔𝟓=𝑹𝒔 𝟐𝟕.𝟗/ kg

Q7. Answer: 1

Marked price of cycle = 125100 ×8800 125100 ×8800

= Rs 11000

1st discount = 90100 ×11000=Rs 9900

90100 ×11000=Rs 9900

2nd discount = 90100 ×9900=Rs 8910

90100 ×9900=Rs 8910

Profit earned by Mahesh = 8910 – 8800 = Rs 110

Q8. Answer: 4

Solution:

CP of pen = Rs 10

SP of pen before discount = 14412=Rs 12 14412=Rs 12

SP of pen after discount = 90100 ×12 90100 ×12 = RS 10.8

Required ratio = 12 – 10: 10.8 – 10 = > 2: 1.2

= > 5:3

Q9. Answer: 3

Solution:

By allegation,

8 11

9

2 1

Therefore laptop: Smartphone = 2: 1

Cp of laptop =

23 ×39000=

23 ×39000=

Rs 26000

CP of Smartphone = 39000 – 26000 = RS 13000

Q10. Answer: 5

Let MP of Smartphone = Rs 400

MP of Laptop = Rs 700

20% discount on Laptop = 80100 ×700 80100 ×700 = Rs 560

Let discounted price of Smartphone be Rs x

Now according to question,

560 + x = 75100 (700+400) 75100 700+400

560 + x = 825

x = Rs 265

Discount on Smartphone = 400−265400 ×100 400−265400 ×100 = 33.75%

Q11. Answer: 4

Solution:

Let CP of Smartphone = Rs x

CP of Laptop =Rs 5x

SP of Smartphone and Laptop = 110100 ×6x 𝟏𝟏𝟎𝟏𝟎𝟎 ×𝟔𝒙 = Rs 6.6x

SP of Laptop = 105100 ×5x 𝟏𝟎𝟓𝟏𝟎𝟎 ×𝟓𝒙 = Rs 5.25x

Therefore SP of Smartphone = 6.6x – 5.25x = 1.35x

Profit of Smartphone = 1.35x – x = 0.35x

Profit of Smartphone given,

0.35x = 1750

x = Rs 5000

Therefore CP of laptop = 5 × 5000 = Rs 25000

Q12. Answer: 5

Solution:

Let the cost of production of article be Rs 100

SP = Rs 125

New cost of production = Rs 110

Sp = 125 ×110100 𝟏𝟐𝟓 ×𝟏𝟏𝟎𝟏𝟎𝟎 = Rs 137.5

Profit % = 137.5−110110 ×100 𝟏𝟑𝟕.𝟓−𝟏𝟏𝟎𝟏𝟏𝟎 ×𝟏𝟎𝟎 = 25%

Q13. Answer: 3

Solution:

Let SP of mobile = 500x

SP of laptop = 500x × 140/100 = 700x

SP of watch = 500x × 60/100 = 300x

700x – 500x = 4000

x = 20

SP of watch = 300 × 20 = Rs.6000

SP of mobile = 500 × 20 = Rs.10000

Average = (6000 + 10000)/2 = 16000/2 = Rs 8000

Q14. Answer: 2

Solution:

2400 – CP = (CP – 1700) × 75/100

9600 – 4CP = 3CP – 5100

7CP = 14700

CP = 2100

Q15. Answer: 3

Solution:

Let x = Marked price of the toy

(100 – 24)% of x = 114

= x = 150

Required Cost price = 7/5 × 150 = Rs.210

Q16. Answer: 1

Solution:

MP of cycle = Rs.2800

MP of Watch = Rs.3000

SP of Cycle = 2800 – 800 = Rs.2000

Discount of watch = 800 × 100/80 = Rs.1000

SP of watch = 3000 – 1000 = Rs.2000

Difference = 2000 – 2000 = 0

Q17. Answer: 2

Solution:

CP of doll = 4x

MP of doll = 4x × 125/100 = 5x

Initial SP of doll = 5x – 360

New sp of doll = 5x – 360 + 200 = 5x – 160

(5x – 160) × 100/115 = 4x

500x - 16000 = 460x

x = 400

MP of Doll = 400 × 5 = 2000

Q18. Answer: 5

Solution:

CP of table = 4x

MP of table = 4x × 125/100 = 5x

5x × 80/100 × 90/100 = 4x – 1200

1200 = 0.4x

x = 3000

CP of table = 4 × 3000 = 12000

SP of table = 12000 – 1200 = 10800

Q19. Answer: 4

Solution:

CP = Rs.12500

MP = 16000

SP = 16000 × 90/100 = 14400

Profit = (14400 – 12500)/12500 × 100 = 15.2%

Q20. Answer: 5

Solution:

2400 – CP = (CP – 1700) × 75/100

9600 – 4CP = 3CP – 5100

7CP = 14700

CP = 2100

Required SP = 2100 × 120/100 = Rs.2520

We hope you attempted these questions on your own and then referred to the solutions given by experts to analyze method of attempting the question. We also hope that these formulas and questions proved to be helpful to you. Profit and loss is often asked as part of larger question especially in banking exams. Candidates should have through knowledge on shortest possible way to attempt a question. One having good understanding of concepts, coupled with speed of calculation will not face much difficulty in attempting profit and loss section. Stay tuned with Safalta Class for more questions and tricks on this section.

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