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PROFIT AND LOSS Governments Examination

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PROFIT AND LOSS For Bank Exam

Profit And Loss for all Governments Examination

COST PRICE: The price at which a person buys an article is called the cost price of the article. Cost price is denoted by C.P.

SELLING PRICE : The price at which an article is sold is called its selling price. Selling price is denoted by S.P.

PROFIT (GAIN) : If S.P. of an article is more than its C.P. there is a profit (gain).

                             Profit = S.P. – C.P.

                             Percentage profit = profit/C.P × 100

LOSS : If S.P. of an article is less than its C.P., there is a loss.

                             Loss = C.P. – S.P.

                             Percentage loss = loss/C.P × 100

Percentage profit and percentage loss are always calculated on C.P. unless otherwise stated.

Example : an article is bought for Rs. 300. Find its S.P. if it is sold at
1) 10% profit

2) 20% loss

Solution : Profit = 10% of C.P.

= 10/100 × 300

= 30

S.P. = C.P. + profit

      = 300 +30

      = 330

Loss = 20% of C.P.

= 20/100 × 300

= 60

S.P. = C.P. – loss

      = 300 – 60

      = 240

SHORT TRICKS

Suppose there is a profit of P%, it means that S.P. is equal to (100+P)% of C.P. i.e.

  S.P. = C.P. × (100+p)/100

If there is a loss of p% then

S.P. = C.P. ×  (100-p)/100

Example : an article is sold for Rs. 480. Find its C.P. if it is sold at

  1. 20% profit
  2. 20% loss

Solution : 1) C.P. = S.P. × 100/120

= 480 × 100/120

= 400

                     2) C.P. = 480 × 100/80

= 600

Marked price: when we go to the market to purchase an article, we find the price of the article printed either on the article or on a tag attached to it. This price s called marked price (M.P.) of the article. The M.P. is also called listed price or quoted price.

Discount: in order to dispose the old or damaged goods,some traders offer a certain percentage of the marked price of the goods as discount.

Discount is always given on the M.P.

Selling price = M.P. – discount

If there is a discount of d%, it means that S.P. is equal to (100-d)% of M.P.

                                          S.P. = M.P. × 100 – d/100

Overhead Charges: The extra cost that includes transportation fees, maintenance,packaging and advertisement fees etc. are called overheads.

Overheads are always added to the C.P. to get the total C.P. and then profit % or loss % are calculated on the total C.P.

Example: a manufacturer marks an article for Rs. 7500 and then sells it to a trader at 20% discount. Find the percentage profit made by the trader, if he sells this article at 10% discount.

Solution: C.P. for trader = 7500 × 80/100

= 6000

                     S.P. for trader = 7500 × 90/100

= 6750

% profit = 750/6000 × 100

= 12.5%

Successive discounts: In case of successive discounts, the first discounts, in order, is calculated on M.P. and is subtracted from it. The second discount is then calculated on the resulting amount is again subtracted and so on. The amount left after subtracting the last discount is selling price of the article.

 When discount is d%.

                                         S.P. = 100-d/100 × M.P

In case of two successive discounts d1% and d2%

                                         S.P. = 100 – d1/100 × 100 – d2/100 × M.P

In case of three successive discounts d1%, d2% and d3%

S.P. = 100 – d1/100 × 100-d2/100 × 100 – d3/100 M.P

 And so on…………        

Example: The M.P. of an article is 100 and is available at three successive discounts 20%, 15%and 10%. Find the S.P. of an article.

Solution:  S.P. = 100 × 80/100 × 85/100 × 90/100

= 61.2

Short tricks

1.Single discount equivalent to two successive discounts of x% and y%

                      = x + y – xy/100

Bank Exam Study Material

2. If the M.P. of an article is y and available at two successive discounts d1% and d2%, then the S.P. of an article will be

                      = y × (100 – d1)/100 × (100 – d2)/100

3. If the S.P. of two article is same and there is a loss of x% on one article and a profit on other article is y%, then overall profit or loss will be

                      = 100(x – y) – 2xy/200 + x – y

If this value is – have then there is a loss

If this value is positive then there is a profit

4.  If the S.P. of two article is same and there is a loss of x% on one article and a profit on other article is x%, then overall loss will be

                          = x2/100

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