Study Guides/Maths/Profit and Loss Questions
Study Guide Ā· Maths

Profit and Loss Questions ā€” Formulas and Examples

Profit and Loss is a fundamental concept in commercial mathematics. It is a core part of the Class 8 Maths syllabus and a highly tested topic in all competitive aptitude exams (SSC, Banking, Railways).

Question (Click to Flip)

If SP is ā‚¹720 and loss is 10%, what is the CP?

Answer

CP = SP Ɨ 100 / (100 - Loss%) CP = 720 Ɨ 100 / 90 = ā‚¹800.

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Key Facts

If a person sells two similar items at the same price (SP), making a profit of x% on one and a loss of x% on the other, there is ALWAYS an overall loss. The overall Loss % = (xĀ² / 100).

Important Formulas

  • Cost Price (CP): The price at which an article is bought.
  • Selling Price (SP): The price at which an article is sold.
  1. Profit (Gain) = SP - CP (Condition: SP > CP)
  2. Loss = CP - SP (Condition: CP > SP)
  3. Profit % = (Profit / CP) Ɨ 100
  4. Loss % = (Loss / CP) Ɨ 100

Crucial Rule: Profit% and Loss% are ALWAYS calculated on the Cost Price (CP), unless stated otherwise.

Solved Question 1 (Basic)

Q: A man buys a watch for ā‚¹500 and sells it for ā‚¹600. Find his profit percentage.

  • CP = 500
  • SP = 600
  • Profit = 600 - 500 = ā‚¹100
  • Profit % = (100 / 500) Ɨ 100 = 20%

Solved Question 2 (Finding SP)

Q: A shopkeeper buys a bag for ā‚¹800. He wants to make a profit of 15%. What should be the selling price?

  • SP = CP Ɨ (100 + Profit%) / 100
  • SP = 800 Ɨ (100 + 15) / 100
  • SP = 800 Ɨ 115 / 100 = ā‚¹920

Questions and Answers

If SP is ā‚¹720 and loss is 10%, what is the CP?+

CP = SP Ɨ 100 / (100 - Loss%) CP = 720 Ɨ 100 / 90 = **ā‚¹800**.

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