Know how to calculate profit and loss

Hyderabad: This article is in continuation to the last article on preparation for the Sub-Inspector of Police recruitment exam. Here are some practice questions and answers along with explanations on the Profit and Loss topic 1. A trader sells an article at a profit of 30%. Had he sold it for Rs. 352 less, he […]

Hyderabad: This article is in continuation to the last article on preparation for the Sub-Inspector of Police recruitment exam. Here are some practice questions and answers along with explanations on the Profit and Loss topic

1. A trader sells an article at a profit of 30%. Had he sold it for Rs. 352 less, he would have gained 20% only. The cost price of the article is (in rupees)

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A. 3,520 B. 3,580 C. 1,560 D. 1,700

Ans: A

Explanation:

Let CP= x

Profit in 1st case= 30% of x= 0.3x

Profit in 2nd case= 20% of x=0.2x

Given 0.3x-0.2x= 352

0.1x= 352

x = 3520

2. A man bought 6 apples for Rs. 24 and sold them at 4 apples for Rs. 20. His profit percentage is

A. 25 B. 30 C. 40 D. 50

Ans: A

Explanation:

CP of 1 apple = 24/6 = 4

SP of 1 apple = 20/4 = 5

Profit % = profit/cp × 100 = 1/4×100 = 25%

3. A shopkeeper sold two pressure cookers for Rs 1,800 each. On one he gains 30% and on the other he loses 25%. His gain or loss percent in the whole transaction is

A. 4.88% Loss B. 4.88% Gain

C. 3.74% Loss D. 3.74% Gain

Ans: A

Explanation:

Total S.P = Rs 3600.

C.P = 100/100 gain% × SP

C.P. of 1st cooker = Rs [(100/130) x 1800] = 1385

C.P = 100/100 – loss% × 100

C.P. of 2nd cooker =Rs. [(100/75) x 1800] = 2400

Total C.P. = Rs 3785

Loss = Rs (3785 – 3600) = Rs 185

Loss% = (185/ 3785) ×100 = 4.88%

4. The profit earned by selling an article for Rs 832 is equal to the loss incurred, when the same article is sold for Rs 448. Then the sale price of the article for making 50% profit should be (in rupees)

A. 920 B. 960 C. 1,060 D. 1,200

Ans: B

Explanation:

Let ‘x’ be the CP of the article.

i.e. Rs 832 – x = x – 448

2x = 1280

Therefore, x = 1280/2 = Rs 640

Selling price to get 50% profit = 640 50% of 640

640 320 = 960

5. A sells a pillow to B at a profit of 20%. B sells it to C at a profit of 25%. If C pays Rs 243 for it, the cost price of the pillow for A (in Rupees) is

A.150 B. 160 C. 162 D. 173

Ans: C

Explanation:

Let CP of A= 100%

SP of A= CP of B = 100% 20% of 100 = 120%

SP of B = CP of C = 120% 25% of 120 = 150%

150% = 243 =>; 1% = 243/150

CP of A = 100% = 100 × 243/150 = 162

6. A person a purchased a watch for Rs 4800 and sold it to B for 8% profit. B sold it to C for 12% loss. The amount paid by C corrected to nearest rupee, is

A. 4784 B. 4691 C. 4562 D. 4448

Ans: C

Explanation:

CP of watch = 4800

CP of B = 4800 8% of 4800 = 4800 384 = 5184

CP of C= 5184 – 12% of 5184 = 5184 – 622 = 4562

7. A person P sells articles to Q at a profit of 5%. Q sells it to another person R at a profit of 5% and R sells it another person S for Rs 46305 by making a profit of 5%. Then the cost price of the article (in Rs) for the first person is

A. 38000 B. 39000 C. 40000 D. 42000

Ans: C

Explanation:

Let amount be Rs x

According to the question

5% of 5% of 5% of x = 46305

x = 46305 × 100 × 100 × 100/ 105 × 105 × 105

 

            = Rs 40000

By Banda Ravipal Reddy

Director, SIGMA

Sai Institute of General Mental Ability

Hyderabad