In the topic of profit and loss, we have understood the concept behind cost price, selling price, profit and profit percent and loss and loss percent. Following formulae should always be remembered while solving the problems related with profit and loss:
i. Profit = Selling Price – Cost price
= S.P. – C.P.
ii. Profit percent = \(\frac{S.P.C.P.}{C.P.}\) x 100 %
= \(\frac{Profit}{C.P.}\) x 100 %
iii. Loss = Cost Price – Selling Price
= C.P. – S.P.
iv. Loss percent = \(\frac{C.P.S.P.}{C.P.}\) x 100 %
= \(\frac{Loss}{C.P.}\) x 100 %
From above formulae, one thing is clear that profit occurs when selling price is more than cost price and loss occurs when selling price is less than cost price.
Now solve some questions based upon above concepts.
1. A shopkeeper sells a DVD player at a price Rs 2,500. If the cost price of the DVD player was Rs 3,500, find the profit/loss in which the shopkeeper is. Also, find the percent for the same.
2. A shopkeeper buys 15 refrigerators at a rate of Rs 13,000 per refrigerator and sells them at a rate of Rs 13,500 per unit. Find the total profit/loss faced by the shopkeeper. Also, find the percent for the same.
3. A shopkeeper buys 20 units of television set from a retailer at a rate of Rs 18,000 per set and sells first 10 sets at Rs 18,500 per set and rest of them at Rs 17,500 per set. Find the overall profit/loss faced by the shopkeeper. Also, find the percent for the same.
4. An owner of Honda City car sells his car at a price of Rs 7,50,000 with a loss percent of 12.5%. Then find the price at which he purchased the car and also find the loss suffered by the owner.
5. A shopkeeper buys 10 television sets from a retailer at a rate of Rs 15,000 per set. He sells half of them at a profit of 25 % and rest half at a loss of 20%. Find the overall profit/loss faced by the shopkeeper.
6. If selling price of a commodity is Rs 16,000 with a profit of 30 %, find the cost price of the commodity and the profit.
7. If selling price of a commodity is Rs 18,000 with a loss of 20 %, find the cost price of the commodity and the loss.
8. If a commodity is bought at cost price of Rs 20,000 and sold at loss of 25 %, find the selling price of the commodity and the loss.
Answers for the worksheet on share and dividend are given below:
Answers:
1. Loss of Rs 1000
Loss percent = 28.57%
2. Profit of Rs 7500
Profit percent = 3.85%
3. No profit, no loss.
4. Loss = Rs 1,07,142.85
Cost price = Rs 8,57,142.85
5. Profit of Rs 3,750.
Profit percent = 2.5%
6. Cost price = Rs 12,307.69
Profit of Rs 3,692.31
7. Cost price =Rs 22,500
Loss = Rs 4,500
8. Selling price = Rs 15,000
Loss = Rs 5,000
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