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Directions: Study the following questions carefully and answer them:
The cost price of an article is Rs. 480. If it is to be sold at a profit of 6.25 percent, how much would be its selling price ?
» Explain it
SP =  100 + Profit%  × CP

100 + 6.25  × 480  =   106.25  × 480  =  Rs. 510
100 100

Hence, option A is correct.
A tradesman marks his goods at 35% above its cost price and allows a discount of 17.5% for purchase in cash. What profit per cent does he make ?
» Explain it
To solve this question, we can apply the net% effect formula

x + y +  xy

Let's take x = 35% and y = – 17.5%

By the net% effect formula, we get

Profit % =  ( 35 – 17.5 –  35 × 17.5 ) % = (17.5 – 6.125)%  =  11.375%

Hence, option D is correct. 

A trader sells his goods at 20% profit. Had he bought it at 10% more and sold it for Rs. 70 more, he would have earned a profit of 25%. Find the cost price of the goods.
» Explain it
Let the cost price be Rs. 100.

SP at 20% profit = Rs. 120

CP on 10% more = Rs. 110

∴  SP on 25% profit =  110 × 125  = Rs. 137.5

Difference of selling price = 137.5 – 120 = Rs. 17.5

Now,  17.5 : 100 : : 70 : x

∴  x =  100 × 70  = Rs. 400

Hence, option C is correct.

A trader sold two bullocks for Rs. 8,400 each, neither losing nor gaining in total. If he sold one of the bullocks at a gain of 20%, then the other is sold at a loss of
» Explain it
Total selling price of two bullocks = 8400 + 8400 = 16800

∴  Cost price of first bullock = 8400 ×  100  = Rs. 7000

According to the question, there is no profit or loss.

∴    Cost price of second bullock = 16800 – 7000 = Rs. 9800

Selling price of second bullock = Rs. 8400

∴   Loss = 9800 – 8400 = Rs. 1400
∴   Percentage loss on second bullock =  1400  × 100

=   100 % = 14 2 %
7 7

Hence, option C is correct.

After getting two successive discounts Shalini got a shirt at Rs. 136 whose marked price is Rs. 200. If the second discount is 15% find the first discount.
» Explain it
Let the first discount be x%.

Then, 85% of (100 – x)% of 200 = 136

or,   85  ×  (100 – x)  × 200 = 136
100 100

or, 8500 – 85x = 136 × 50 = 6800

or, 85x = 1700

∴    x = 20%

Hence, option D is correct.

Profit and Loss is one of the important topics of Quantitative Aptitude Section of every competitive exams. It is a very basic and commonly used concept in our day to day life as well.

Profit and loss is the branch of basic mathematics which deals with the study of profit and loss made in a business transaction. The profit and loss account is fundamentally a summary of the trading transactions of a business and shows whether it has made a profit or loss during a particular period of account.

Profits and loss is mainly used in finance and business transactions. Some basic and important profit and loss formulas are:

I. S.P. = Selling Price

II. C.P. = Cost Price

1. Profit = Selling Price – Cost Price

P = SP – CP

2. Loss = Cost Price – Selling Price

P = CP – SP

3. Profit% = (Profit/Cost Price) 100%

4. Loss% = (Loss/Cost Price) 100%

On this page, you will find an easy way to solve profit and loss problems in less than 30 Sec. Additionally, you will find tips on how to solve profit and loss problems quickly, profit and loss shortcuts tricks, profit and loss tricks for SSC CGL, profit and loss tricks for Bank PO, profit and loss problems with solutions, profit and loss formulas and tricks, marked price formula, profit and loss shortcuts tricks, shortcuts methods and tricks in profit and loss, etc.

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