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    Cheat Sheets - Profit and Loss

    Uploaded by

    Meghna Choudhary
    The document provides definitions and formulas related to profit and loss calculations. It gives examples of applying concepts like successive discounts, faulty weights, and buy x get y free offers. There are also practice questions with solutions related to profit and loss percentages in different scenarios.

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    © All Rights Reserved
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    Cheat Sheets - Profit and Loss

    Uploaded by

    Meghna Choudhary
    569 views4 pages
    The document provides definitions and formulas related to profit and loss calculations. It gives examples of applying concepts like successive discounts, faulty weights, and buy x get y free offers. There are also practice questions with solutions related to profit and loss percentages in different scenarios.

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    © © All Rights Reserved

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    The document provides definitions and formulas related to profit and loss calculations. It gives examples of applying concepts like successive discounts, faulty weights, and buy x get y free offers. There are also practice questions with solutions related to profit and loss percentages in different scenarios.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    569 views4 pages

    Cheat Sheets - Profit and Loss

    Uploaded by

    Meghna Choudhary
    The document provides definitions and formulas related to profit and loss calculations. It gives examples of applying concepts like successive discounts, faulty weights, and buy x get y free offers. There are also practice questions with solutions related to profit and loss percentages in different scenarios.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    Cheat Sheets –Profit and Loss

    IMPORTANT FACTS
    Cost Price: Is the buying price or the price influx to manufacturer any product.
    Selling Price: Is the price at which the product is sold.
    Profit or Gain: This is the difference between the Selling Price and Cost Price.
    When the Selling price is more than the Cost Price then there is a profit.
    Loss: When the Cost Price is more than the Selling Price then there is a
    loss.
    IMPORTANT FORMULAE

    Terminology Formulae

    Gain/Profit SP-CP

    Loss CP -SP

    Profit % Profit / CP X 100

    Loss % Loss / CP X 100


    Profit Profit % of CP

    Loss Loss% of CP

    SP CP X MF(multiplying factor)

    Discount MP - SP (MP -- Marked Price)

    Discount Discount % of MP

    Discount % Discount /MP X100

    Application of Profit and Loss:

    Concept 1.
    When two articles are sold for the same price and the loss & gain percent is the same. Then loss
    will always occur.
    Loss% = (x)2/100, where x is the loss and profit percent.
    Concept 2
    If the CP of two items is the same and the % loss & % gain on the two-item are equal, then the
    net loss or net profit is zero.
    Concept 3
    1
    © 2013 - 2021 Great Lakes E-Learning Services Pvt. Ltd. All rights reserved
    Cheat Sheets –Profit and Loss
    Faulty Weights
    Gain % = (Error) / (True weight - Error) / 100
    Concept 4
    Buy x get y free i.e., If x+y articles are sold at the cost price of x articles, then the percentage
    discount = y /(x+y) X 100
    Concept 5
    In the case of successive discount, a% and b%, the effective discount is a+b+(ab/100) %
    PRACTICE EXERCISE

    1. Reema purchased a mobile for 5200 rupees, spent 100 rupees on its accessories and sold it
    for 7000. Find the loss or gain percent.
    A. 15.3%
    B. 12.9%
    C. 23.5%
    D. 34.6%
    2. Radhika opens a shop but she cheated her customers, she professes to sell her product at
    cost price but weighs 830 grams for a kg of weight. What is the gain percent?
    A. 17%
    B. 20.4%
    C. 25%
    D. 34%
    3. The cost price of 12 trousers is equal to the selling price of 10 trousers. Find the gain
    percent.
    A. 10%
    B. 20%
    C. 30%
    D. 40%
    4. Find a single discount equivalent to a series of discounts at 12%,23% and 44%.
    A. 98.7%
    B. 82.3%
    C. 62%
    D. None of these
    5. A mixer grinder marked at 3500 rupees is sold to a shopkeeper at a successive discount of 25%
    and 15%. The shopkeeper derives a profit of 30% of his cost price after allowing a 10%discount to
    the customer. What will be the list price of the mixer grinder?
    A. Rs 3220
    B. Rs 3221
    C. Rs 3222
    D. Rs 3223
    SOLUTIONS:

    1. Option - B
    2
    © 2013 - 2021 Great Lakes E-Learning Services Pvt. Ltd. All rights reserved
    Cheat Sheets –Profit and Loss
    The total cost to Reema = (5200+1000) = 6200
    Gain = 7000 - 6200 = 800
    Therefore, Loss % = 800/6200 X 100 = 12.9 %

    2. Option - B
    Let the CP of 1Kg be Rs 1000
    Therefore, SP of 830 gm = Rs 1000
    CP of 830 gm = Rs 830
    Gain % = SP-CP/CP X 100
    = 170/830 X 100
    = 20.4%

    3. Option - B
    CP of 1 trouser = Rs x
    SP of 10 trouser = Rs 12x
    SP of 1 trouser = Rs 1.2 x
    Gain % = 20%
    OR (Shortcut)
    (By comparing the ratio of SP to CP)
    CP of 12 = SP of 10
    SP/CP =12/10
    = 1.2
    Thus gain% = 20%

    4. Option - C
    Let MP = Rs 100
    then, SP= 100 X 88/100 X 77/100 X 56/100
    = 37.9
    Discount = MP-SP
    =100 -37.9
    = 62.05 ≈ 62
    OR (Shortcut)
    Using the formula: a+b-ab/100
    = 12+23 - 12x23/100
    = 35 - 2.76 = 32.24
    =32.24+44 -32.44X44/100
    =76.24-14.27
    = 61.96 ≈ 62

    5. Option - D
    CP = Rs. (3500 x .75 x .85) = 2231.25
    SP = Rs (2231.25 x 1.3)
    3
    © 2013 - 2021 Great Lakes E-Learning Services Pvt. Ltd. All rights reserved
    Cheat Sheets –Profit and Loss
    MP = Rs. (2231.25 x 1.3 x 100/90) = Rs 3222.9 ≈Rs 3223

    4
    © 2013 - 2021 Great Lakes E-Learning Services Pvt. Ltd. All rights reserved

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