Profit and Loss problems
- 1. A person bought two articles for ? 1500 and ? 1000 respectively one he sold at a gain of 20%. At what price should he sell the other to get a profit of 16% on the whole transaction?
Options- A. ? 1100
- B. ? 1200
- C. ? 1150
- D. ? 1250 Discuss
Correct Answer: ? 1100
Explanation:
CP of first article is ? 1500, Gain=20%
SP of first article = (120/100) x 1500 = ? 1800
Total CP = 1500 + 1000 = ? 2500
Total gain = 16%
Total SP = (116/100) x 2500 = ? 2900
SP of second article = (2900 - 1800) = ? 1100
Thus, he should sell the second article at ? 1100.
- 2. A manufacturer of a certain item can sell all he can produce at the selling price of ? 60 each. It costs him ? 40 in materials and labour to produce each item and he has overhead expanses of ? 3000 per week in order to operate that plant. The number of units he should produce and sell in order to make a profit of atleast ? 1000 per week, is?
Options- A. 400
- B. 300
- C. 250
- D. 200 Discuss
Correct Answer: 200
Explanation:
Suppose the manufacturer should product produce x items.
? 60x - (40x + 3000) = 1000
? 20x = 4000
? x = 200
- 3. A sold an article to B at a profit of 10% and B sells it to C at a loss of 10% of C paid 2079. How much money was paid by A?
Options- A. ? 2100
- B. ? 2400
- C. ? 2160
- D. ? 2480 Discuss
Correct Answer: ? 2100
Explanation:
Amount paid by B = ?110
Amount paid by C = 110 x 90/100 = ? 99
Then, If C paid ? 99 then, A paid ? 100.
If C paid ? 2079, then A paid = 2079 x (100/99) = ? 2100
- 4. A showroom owner sells a leather jacket for ? P and claims to make a profit of 10%. He plans to have stall in the trade fair and marks the same jacket at ? 2P, at the stall, he allows a discount of 20%. What will be the percentage profit that he will make at the trade fair?
Options- A. 80%
- B. 60%
- C. 76%
- D. None of these Discuss
Correct Answer: 76%
Explanation:
SP at the stall at the trade fair = 2P - 20% of 2P = 8P/5
CP of the jacket = (P x 100)/(100 + 10) = 10P/11
? profit = 8P/5 - 10/11 = 38P/55
? Profit per cent made at the trade fair = [(38P/55) / (10P/11)]x 100
= (38/5) x (1/10) x 100
= 76%
- 5. Mr X bought a music system with 20% discount on the labelled price. Had he bought it with 25% discount, he would have saved ? 500. At what price did he buy the music system?
Options- A. ? 16000
- B. ? 12000
- C. ? 10000
- D. None of these Discuss
Correct Answer: None of these
Explanation:
Let the actual price of music system = ? P
The cost of music system to Mr. P after 20% discount= (80/100) x P = 4P/5
Cost of music system to Mr P after 25% discount = (75/100) x P = 3P/4
Then according to the question,
4P/5 - 3P/4 = 500
? (16P - 15P)/20 = 500
? P = 20 x 500 = 10000
? Cost of music system at 20% discount = (80 x 10000)/100 = ?8000
- 6. A shopkeeper sold an article for ? 6750 after giving a discount of 10% on the labelled price. He would have earned a profit of 50%, had there been no discount. What was the actual percentage of profit earned?
Options- A. 36%
- B. 40%
- C. 35%
- D. None of these Discuss
Correct Answer: 35%
Explanation:
Market price = ? P
and SP = P -10% of P = 9P/10
? 9P/10 = 6750
? P = 7500
If SP = ? Rs.7500, then the CP would have been Rs.5000 due to 50% profit earned by the Shopkeeper.
? Actual percentage of profit by selling the article for ? 6750
= [(SP - CP)/CP] x 100 = [(6750 - 5000)/5000] x 100
= (1750/5000) x 100
= 35%
- 7. A trader fixed the price of an article in such a way that by giving a rebate of 10% on the price fixed, he made a profit of 15% . If the cost of the article is ? 72. The fixed price on it, is?
Options- A. ? 82.80
- B. ? 90.00
- C. ? 92.00
- D. ? 97.80 Discuss
Correct Answer: ? 92.00
Explanation:
Let the fixed price of article = ?P
Then, Selling price = 90% of P = (90 x P)/100 = ? 9P/10
Also, the selling price = 115% of 72 = ?(115 x 72)/100
? (115 x 72)/100 = 9P/10
? P = ? 92
- 8. A shopkeeper marks his goods at such a price that he can deduct 20% for cash and yet make 20% profit. The marked price of an item which cost him ? 180 is?
Options- A. ? 270
- B. ? 240
- C. ? 245
- D. ? 260 Discuss
Correct Answer: ? 270
Explanation:
CP = ? 180, gain = 20%
? SP = (120/100) x 180 = ? 216
Let the MP be ? P.
Then, 80% of P = 216
? (80/100) x P = 216
? P = (216 x 100)/80 = 270
Thus, MP is ? 270.
- 9. A trader allows a discount of 10% on the marked price of an article. How much percentage above the cost price the article be marked to make a profit of 17%?
Options- A. 25%
- B. 30%
- C. 28%
- D. 24% Discuss
Correct Answer: 30%
Explanation:
Let the CP be ? 100 and let MP be ? x above ? 100.
Then, MP = ? (100 + x) and discount =10%
? SP = [(90/100) x (100 + x)] = ? 177
? x = 30
So, cost should be labelled at 30% above CP.
- 10. Ravi purchased a scooter at 11/13th of its marked price and sold it at 10% more than its marked price. His gain per cent is?
Options- A. 24%
- B. 27%
- C. 30%
- D. 32% Discuss
Correct Answer: 30%
Explanation:
Let the MP of a scooter = ? P
? CP of a scooter= ? 11P/13, Gain = 10%
SP = (110/100) x P= ? 11P/10
Gain = SP - CP = (11P/10 - 11P/13) = (143P - 110P)/130 = ? 33P/130
Gain percentage = (33P/130) x (13/11P) x 100 % = 30%
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