In the previous topic of this chapter we have discussed about cost price, selling price, profit, loss, profit percent and loss percent. Let us revise them once in short.
Cost price: cost price is the price at which a commodity is purchased by a shopkeeper from dealer or merchant.
Selling price: selling price is the price at which a commodity is sold by shopkeeper to the customers.
Profit: when a shopkeeper sells a commodity to a customer at a price more than the cost price, then he gets a profit.
Profit = selling price – cost price
= S.P. – C.P.
Profit percent = \(\frac{S.P.  C.P.}{C.P.}\) x 100 %
Loss: When a shopkeeper sells a commodity to a customer at a price lower than the cost price, then he suffers a loss.
Loss = Cost Price – Selling Price
= C.P. – S.P.
Loss percent = \(\frac{C.P.  S.P.}{C.P.}\) x 100 %
Now let us solve some problems based upon these concepts.
1. A shopkeeper buys tshirts from a dealer at rate of Rs 700 per tshirt. He sells them at a rate of Rs 850 per tshirt. He buys 10 tshirts of same type and at same rate. Find the overall profit/loss. Also profit percent/ loss percent.
Solution:
cost price rate = Rs 700per tshirt
Total cost price = Rs 700 x 10
= Rs 7000
Selling price rate = Rs 850 per tshirt
Total selling price = Rs 8500
Since, total cost price is less than total selling price. So, the shopkeeper will have profit.
Profit = total selling price  total cost price
= Rs 8500  Rs 7000
= Rs 1500
Profit percent = \(\frac{1500}{7000}\) x 100 %
= 21.42%
2. A shopkeeper sells a refrigerator for Rs12,500 with a loss of Rs1500. Find the price at which he had bought it from dealer. Also calculate the loss percent.
Solution:
Selling price of the refrigerator = Rs 12,500
Loss suffered by the shopkeeper = Rs 1,500
Cost price = ?
We know that, Selling price = Cost Price – Loss
So, Cost Price = Selling Price + Loss
Cost Price = Rs 12,500 + Rs1,500
= Rs 14,000
Loss percent = \(\frac{Loss}{C.P.}\) x 100 %
= \(\frac{1500}{14000}\) x 100%
= 10.715
3. A shopkeeper sells a refrigerator at cost price of Rs 15000 with a profit of 20%. Find the price at which customer has purchased it. Also find profit gained by the shopkeeper.
Solution:
Cost price = Rs 15000
Profit percent = 20%
Profit = cost price x profit percent
Profit = \(\frac{15000}{20} \times \frac{1}{100}\)
Profit = Rs 3,000
Selling price = cost price + profit
= Rs 15000 + Rs 3,000
= Rs 18,000
So, the amount payed by customer to the shopkeeper = Rs 18,000.
4. A shopkeeper sells a television set at Rs 25,000 to a customer making a profit of Rs 2,000 at the set. Find the price at which he must have bought it from the dealer. Also find the profit percent.
Solution:
Selling price of television set = Rs 25,000
Profit = Rs 2,000
We know that S.P. = C.P. + Profit
So, C.P. = S.P. – Profit
C.P. = Rs 25,000 – Rs 2,000
C.P. = Rs 23,000
Profit percent = \(\frac{S.P.  C.P.}{C.P.}\) x 100 %
= \(\frac{Profit}{C.P.}\) x 100 %
= \(\frac{2000}{23000}\) x 100 %
= 8.69%
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