Profit and Loss Questions and Answers

September 19, 2023

Profit And Loss Questions and Answers

In this Page you will Find Profit and Loss Questions and Answers that will help in Different Examinations. The questions are prepared based on the concept of averages  and as per the latest exam pattern.
Number System Questions

Basic concept used in Profit and Loss

  • Cost Price – It is basically the price at which a commodity or object is bought at. e.g. Shopkeeper buying Sugar from Farmer to sell in his grocery store. In its short form it is denoted as C.P.
  • Selling Price – The price at which the commodity is sold at. e.g. Shopkeeper selling sugar to his customer. In its short form is denoted as S.P.
  • Gain or Profit – If Cost Price is lesser than Selling Price, gain is made.
  • Loss – If Cost price is greater than the Selling price, Loss is incurred.

Rules

  • If an item is sold at a profit of 25%, then its selling price = 125% of the Cost Price.
  • If an item is sold at a loss of 25%, then its selling price is 75% of the Cost Price.
  • When two similar items are sold by a person, one at the profit of a%, and the other at a loss of a%, then the vender’s faces a loss which is given by:
    Loss% = \left ( \frac{a}{10}\right )^{2}
  • If a vender wants to sell his items at cost price and uses incorrect weights, then
    Gain% = \frac{Error}{True\: value – Error }x100%

Prime Course Trailer

Related Banners

Also Check Out

Rules and Formulas on Profit and Loss Topic
How to Solve Profit and Loss Questions Quickly
Profit and Loss Shortcuts, Tips and Tricks

1. Ravindra and Yash are employees of an IT firm in Bangalore, where Ravindra recently sold his Hyundai car worth Rs1, 50,000 was sold to Yash at 5% profit. At 2% loss Yash sold the car back to Ravindra. Find gain of  Ravindra (i.e. Difference between the price at which Ravindra sold the car to the price at which he finally bought it again.)

Ravindra gained Rs 4,350

Ravindra gained Rs 4,350

30.94%

Yash lost Rs 4,350

Yash lost Rs 4,350

9.71%

Ravindra gained Rs 3,150

Ravindra gained Rs 3,150

47.84%

Ravindra lost Rs 3,150

Ravindra lost Rs 3,150

11.51%

SP for Ravindra =\frac{150000\times105}{100}= Rs 157500
At a loss of 2% Yash sells the car to Ravindra
SP for Yash = \frac{157500\times98}{100} =Rs 154350
CP for Ravindra = Rs 154350
Gain of Ravindra = Rs (157500-154350) = Rs 3150

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

2. The aristo complex is a prominent residence in beautiful city of Jaipur where it had recently got a grocery shop opened where the profit is 320% of the cost in the shop. If the selling price remains constant while the cost increases by 25%, find out approximately what percentage of the selling price is the profit?

250%

250%

25.52%

100%

100%

15.1%

70%

70%

51.04%

30%

30%

8.33%

Let cost price =100
Then, profit =320
selling price =100+320=420

new cost price =125
profit =420−125=295

required percentage = \frac{295\times 100}{420} = \frac{1475}{21} % = 70%

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

3. Ricosta has a Pawn Shop and a visitor comes to his prominent shop in the busy city of Chennai where Ricosta buys a vintage scooter for Rs.4700 from him. On its repairs he spends Rs.800. If he sells the vintage scooter for Rs.5800 what is his profit%?

12%

12%

5.18%

10%

10%

6.22%

20%

20%

7.77%

\frac{60}{11} %

\frac{60}{11} %

80.83%

C.P =4700+800=5500
S.P =5800

Profit =5800−5500=300

Profit% = \frac{300\times100}{5500}= \frac{60}{11} %

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

4. The government had released a very good scheme for local vendors on the variety of rice and their prices .A local dealer purchased two varieties of rice, 100 kilogram at Rs.14.50 per kilogram and 110 kilogram at Rs.15 per kilogram. The shopkeeper being greedy, had combined the two varieties of rice and sold the mixture at a profit of 15 %. Calculate the S.P of the mixture per KG.

Rs 16.97

Rs 16.97

72.56%

Rs 17.45

Rs 17.45

15.24%

Rs 13.78

Rs 13.78

6.1%

Rs 10.21

Rs 10.21

6.1%

Given that the shopkeeper bought 100 Kg at Rs. 14.50 per kilogram and 110 kilogram at Rs. 15 per kilogram.
Total C.P = (100 x 14.50) + (110 x 15) = 1450 + 1650 = Rs. 3100 and the
Total kilograms of rice = 100 + 110 = 210 KG
Now, total S.P= Total cost price + 15 % of total cost price
Total selling price = 3100 + (0.15 x 3100) = Rs. 3565
Thus, selling price per KG = 3565 / 210 = Rs. 16.97

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

5. Raman lives in pune, he and his dad together opened a new Casio watch showroom on his birthday. Raman sold two watches at the same price, one at 10 % profit and other at 10 % loss. Find his overall gain or loss percent

1.5%

1.5%

5.29%

1%

1%

77.65%

2%

2%

5.88%

2%

2%

5.29%

1.75%

1.75%

5.88%

We know that if two articles are sold at the same selling price, one at a gain of A% and one at the loss of A%, then the seller always incurs a loss of \left ( \frac{A}{10} \right )^{2}
Loss% = \left ( \frac{10}{10} \right )^{2} = 1 %

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

6. Havells is a leader in the market for water heater. A salesman of havells is selling a liquid heater kettle for Rs. 4200, the salesman incurs a loss of 20%. If he wants to earn a profit of 20%, at what price should he sell the liquid heater kettle?Havells is a leader in the market for water heater. A salesman of havells is selling a liquid heater kettle for Rs. 4200, the salesman incurs a loss of 20%. If he wants to earn a profit of 20%, at what price should he sell the liquid heater kettle?

Rs 7000

Rs 7000

5.11%

Rs 6300

Rs 6300

82.48%

Rs 2200

Rs 2200

8.76%

Rs 9900

Rs 9900

3.65%

If loss is x%, then S.P = (100 - x) % of cost price

S.P = 4200 = (100-20)% of CP =\frac{80\times CP}{100}

∴ CP =\frac{4200\times 100}{80} = 5250

For profit = 20%, Selling Price = (100+20)% of CP =\frac{120\times 5250}{100}

∴ Selling Price = Rs. 6300

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

7. Jayce is an independent woman who has not completed her education so she earns for her living by selling rice. She decided to get 15% profit by selling rice. She buys two varieties of rice.
V1: 150 kg at Rs. 35/ Kg;
V2: 190 kg at Rs. 50/ kg.
At what price per kg she should sell the rice mix per kg?

Rs 68.45

Rs 68.45

15%

Rs 96.91

Rs 96.91

15%

Rs 49.88

Rs 49.88

61.67%

Rs 32.12

Rs 32.12

8.33%

Total cost of rice = 150 x 35 + 190 x 50 = Rs 14,750/-
The SP = (100+15)% of 14750 = 115 x 14750 = Rs. 16962.5
Quantity = 150+190 = 340 Kg
Selling Price / Kg = Rs \frac{1996205}{340} = Rs 49.88/Kg

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

8. A music system when sold for 10000 gave a profit of 2000 to the shopkeeper who sells it. Calculate his loss gain percent.

Profit of 22%

Profit of 22%

3.87%

Profit of 25%

Profit of 25%

52.9%

Profit of 30%

Profit of 30%

4.52%

Profit of 20%

Profit of 20%

38.71%

selling price of music system: 10,000
Profit - 2000
Cost Price - Selling Price - Profit
CP = 10000 - 2000
CP = 8000
Profit % = Profit * 100 / Cost Price
2000 * 100 / 8000
25%

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

9. Jamuna live in old city and she is very fond of candies, while going to school every day waits for the candy vendor to come who will sell a unique variety of mango candy for Rs 200. If the vendor makes a Profit of 20% then find the Price at which the vendor himself bought the candy?

85

85

5.48%

166.66

166.66

86.3%

99

99

3.42%

247

247

4.79%

SP = Rs 200

Profit = 20%

CP = ?

\frac{120\times CP}{100} = 200

CP = \frac{200\times 100}{120}

CP = 166.66

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

10. Jasmine Bought a flower pot for Rs 200 and then sold it at a profit of 10%. Find the Price at which she sold the pot.

220

220

87.5%

200

200

6.25%

462

462

3.13%

147

147

3.13%

CP = Rs 200

Profit = 10%

SP = \frac{200\times 120}{100}

SP = Rs 220

Good Job! Did you know? : With $8.5 billion in their kitty, Wipro is the 4th largest Indian IT company in terms of revenue.

Oops!

×

Please login to report

Get PrepInsta Prime & get Access to all 200+ courses offered by PrepInsta in One Subscription

Get Prime

Also Check Out

Rules and Formulas on Profit and Loss Topic
How to Solve Profit and Loss Questions Quickly
Profit and Loss Shortcuts, Tips and Tricks
Branding

Get over 200+ course One Subscription

Courses like AI/ML, Cloud Computing, Ethical Hacking, C, C++, Java, Python, DSA (All Languages), Competitive Coding (All Languages), TCS, Infosys, Wipro, Amazon, DBMS, SQL and others

Get Prime
Course List
Course List

Checkout list of all the video courses in PrepInsta Prime Subscription

Checkout list of all the video courses in PrepInsta Prime Subscription

Checkout
Checkout

Others

Others