Profit and Loss

Profit and Loss Formulas and Tricks – Profit and Loss Problems and Solutions

The quantitative aptitude section of the Govt Jobs exam includes many important topics like- ratio and proportion, simple and compound interest, profit and loss, time and work, time and distance, mixture and allegations, algebra, number series, percentage, average etc.

How to solve Profit and Loss Questions for SSC and Banking Exams

Profit and Loss is one of the most important topic of the Quantitative Aptitude section of the govt jobs examination. This topic always has a high weightage in the exam which means more marks.

But the problem is that it has a lot of calculations and thus consumes a lot of time, which in turn leaves only a fraction of time for other questions in the section.

In the SSC CGL Exam, Profit and Loss Questions are asked in both Tier 1 And Tier 2 exam. In this article, we will discuss tips and tricks to solve Profit and Loss Questions. But before that first, let us know what actually are Profit and Loss based questions.

Here we provide you a list of Profit and Loss Formulas, Shortcuts and Tricks that you can use to solve questions.

1. One can generate a profit only if Selling Price> Cost Price

2. One generates a loss when Selling Price < Cost Price.

3. Profit = Selling Price – Cost Price
%profit = {(Selling Price – Cost Price)/Cost Price} x 100

4. Loss = Cost Price – Selling Price
%Loss = {(Cost Price – Selling Price)/Cost Price} x 100

5. Sale price :- If there is a profit of P %,
Cost Price = C
Then SP = {(100+P)/100}xC

6. If there is a loss of L %,
Cost Price = C
Then
SP = {(100-L)/100}xC

7. Cost price :-
If there is a profit of P %,
Cost Price = C
Sale price= SP
Then C = {100/(100+p)} x SP
If there is a loss of L %,
Then
C = {100/(100-L)}xSP

8. A dishonest dealer claims to sell his goods at cost price ,but he uses a weight of lesser weight. Find his gain%.

Profit-and-Loss-Formulas-and-Tricks-2

9. A shopkeeper sells an item at a profit of x % and uses a weight which is y % less. find his total profit

Profit-and-Loss-Formulas-and-Tricks-3

10. When dealer sells goods at loss on cost price but uses less weight .

11. A dishonest dealer sells goods at x % loss on cost price but uses a gm instead of b gm. his profit or loss percent :-

Profit-and-Loss-Formulas-and-Tricks-5

Note :- profit or loss will be decided according to sign .if +ive it is profit ,if –ve it is loss .

12.  If the price of an item increases by r%, then the reduction in consumption so that  expenditure remains the same, is

Profit-and-Loss-Formulas-and-Tricks-6

13. If the price of a commodity decreases by r% then increase in consumption, so as not to decrease expenditure on this item is

Profit-and-Loss-Formulas-and-Tricks-8

14. A reduction of x% in price enables a person to buy y kg more for Rs. A. Then the

Profit-and-Loss-Formulas-and-Tricks-7

15. When there are two successive profits of x% and y% then the net percentage profit =[x+y+xy/100]

When there is a profit of x% and loss of y% then net percentage profit or loss = [x – y – xy/100]

Note: If the final sign in the above expression is positive then there is net profit but if it is negative then there is net loss.

16. A sells goods to B at a profit of x% and B sells it to C at a profit of y%. If C pays RsP for it,then the cost price for A is

Note:- for loss replace plus sign with minus .

17. When each of the two things is sold at the same price,and a profit of p% is made on the first and a loss of L% is made on the second,then the percentage gain or loss is .

18. If profit percentage and loss percentage are equal, put P=L

=>   %loss = p2 /100

19.

Profit-and-Loss-Formulas-and-Tricks-12This completes this list of Profit and Loss formulas, shortcuts and tricks. Use this as a handy revision guide for this topic.

In this video solve examples using these formulas. You can view this video and solve more questions.

Profit & Loss Quiz

This Quiz is based on the Profit & Loss Concept to increase your mental calculation Habit. Anybody can attempt the test and it will improve the mental mathematics ability sharply. it’s a tested and unique way of learning. All the best to excel in the Quiz.

  1. A real estate agent sells two sites for Rs. 18000 each. On one he gains 25% and on the other he loses 25 %. What is his loss or gain percent?

(A) 6.25 % gain
(B) 6.25% loss
(C) 4% loss
(D) No profit no loss

Click Here to View Answer

Solution: B

Explanation: profit and loss formula
Loss % = x2/100 = 625/100 = 6.25%

2. If a retailer marks up his price by 30 % and then allows a 30 % discount, what is his percentage profit or loss?

(A) 9 % gain
(B) 8 % gain
(C) 8% loss
(D) 9 % loss

Click Here to View Answer

Solution: D

Explanation: Net loss = x2/100% = 900/100 = 9%

3. By selling an article for Rs 600 more, Karthik would have made 5% profit on his sale instead of a 11% loss. What was his cost price?

(A) Rs. 3750
(B) Rs. 4000
(C) Rs. 2250
(D) Rs. 6,000

Click Here to View Answer

Solution: A

Explanation: CP = (Difference in SP) ÷ (% Difference in profit) = 600/(5-(-11)) × 100 = (600/16)×100 = Rs3750

4. A tradesman marks his goods 25% above the cost price and allows his customers 12 % reduction on their bills. What percent profit does he make?

(A) 14 %
(B) 10 %
(C) 18 %
(D) 12 %

Click Here to View Answer

Solution: B

Explanation: Let CP= Rs. 100, therefore, MP= Rs. 125, Discount% = 12%
SP = 88% of MP = 88% of 125 = Rs. 110. Profit = 110 – 100 = Rs. 10
Profit = 10%

5. An orange vendor makes a profit of 10% by selling oranges at a certain price. If he charges Rs. 1.4 higher per orange he would gain 30%. Find the original price at which he sold an orange.

(A) Rs. 6
(B) Rs. 5.80
(C) Rs. 6.25
(D) Rs 7.70

Click Here to View Answer

Solution: D

Explanation: Rs. 1.4 is the increase in absolute, 20% is the increase in percentage. Thus those two can be equated. Hence it can be concluded that 1.4 is 20% of the price i.e. the CP of one orange is 1.4/0.20 = Rs. 7. The SP per orange in the first case is 7 × 1.1 = Rs. 7.70. Hence option is D.

Related Article:

Related Article: