Profit and Loss Questions Answers

• 1. A person incurs a loss of 5% be selling a watch for Rs. 1140. At what price should the watch be sold to earn 5% profit.

  1. Rs.1200
  2. Rs.1230
  3. Rs.1260
  4. Rs.1290

  Answer :

  Option C

  Explanation:

  Let the new S.P. be x, then.
  (100 - loss%):(1st S.P.) = (100 + gain%):(2nd S.P.)
  
  \begin{aligned}
  =>\left( \frac{95}{1140} = \frac{105}{x} \right) \\
  
  => x = 1260
  \end{aligned}

• 2. Alfred buys an old scooter for Rs. 4700 and spends Rs. 800 on its repairs. If he sells the scooter for Rs. 5800, his gain percent is

  1. \begin{aligned} \frac{6}{19}\% \end{aligned}
  2. \begin{aligned} \frac{6}{17}\% \end{aligned}
  3. \begin{aligned} 5\frac{5}{11}\% \end{aligned}
  4. \begin{aligned} 3\frac{5}{11}\% \end{aligned}

  Answer :

  Option C

  Explanation:

  Whenever we get this type of question, we should have formula in mind that,
  Gain% = (gain/cost)*100
  
  Cost = 4700 + 800 = Rs. 5500
  S.P. = Rs. 5800
  
  Profit = 5800 - 5500 = 300
  \begin{aligned}
  Gain\% = \frac{300}{5500}*100 \\
  = 5\frac{5}{11}\%
  \end{aligned}
  

• 3. A book was sold for Rs 27.50 with a profit of 10%. If it were sold for Rs. 25.75, then would have been percentage of profit and loss ?

  1. 2% Profit
  2. 3% Profit
  3. 2% Loss
  4. 3% Loss

  Answer :

  Option B

  Explanation:

  Please remember
  \begin{aligned}
  S.P. = \left( \frac{100+gain\%}{100} * C.P \right)\\
  \text{So, C.P. = }\left( \frac{100}{110} * 25.75 \right)\\
  \text{When S.P. = 25.75 then } \\
  Profit = 25.75 - 25 = Re. 0.75 \\
  
  Profit\% = \frac{0.75}{25} * 100 = 3\%
  
  \end{aligned}
  

• 4. 100 oranges are bought at the rate of Rs. 350 and sold at the rate of 48 per dozen. The percentage of profit is

  1. \begin{aligned} 12\frac{2}{7} \% \end{aligned}
  2. \begin{aligned} 13\frac{2}{7} \% \end{aligned}
  3. \begin{aligned} 14\frac{2}{7} \%\end{aligned}
  4. \begin{aligned} 15\frac{2}{7} \% \end{aligned}

  Answer :

  Option C

  Explanation:

  So before solving this question we will get the C.P. and S.P. of 1 article to get the gain percent.
  
  C.P. of 1 orange = 350/100 = Rs 3.50
  S.P. of one orange = 48/12 = Rs 4 [note: divided by 12 as 1 dozen contains 12 items]
  Gain = 4 - 3.50 = Rs 0.50
  \begin{aligned}
  Gain\% = \frac{0.50}{3.50}*100 \\
  = \frac{100}{7}\%
  = 14\frac{2}{7}\%
  \end{aligned}
  

• 5. A shopkeeper fixes the marked price of an item 35% above its cost price. The percentage of discount allowed to gain 8% is

  1. 18%
  2. 20%
  3. 22%
  4. 24%

  Answer :

  Option B

  Explanation:

  Let the cost price = Rs 100
  then, Marked price = Rs 135
  
  Required gain = 8%,
  So Selling price = Rs 108
  Discount = 135 - 108 = 27
  
  Discount% = (27/135)*100 = 20%
  
  

• 6. A pair of articles was bought for Rs. 37.40 at a discount of 15%. What must be the marked price of each of the articles ?

  1. Rs15
  2. Rs 20
  3. Rs 22
  4. Rs 25

  Answer :

  Option C

  Explanation:

  As question states that rate was of pair of articles,
  
  So rate of One article = 37.40/2 = Rs. 18.70
  
  Let Marked price = Rs X
  then 85% of X = 18.70
  
  => X = 1870/85 = 22

• 7. If the cost price is 25% of selling price. Then what is the profit percent.

  1. 150%
  2. 200%
  3. 300%
  4. 350%

  Answer :

  Option C

  Explanation:

  Let the S.P = 100
  then C.P. = 25
  
  Profit = 75
  
  Profit% = 75/25 * 100 = 3005