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Finding Profit or Loss
We will solve different types of problems on finding profit or loss.
We know, when Selling Price (S.P.) is greater than the Cost Price (C.P.) we have a gain (Profit) and when Cost Price (C.P.) is greater than the Selling Price (S.P.) we have a loss.
General formula to find whether there is profit or loss:
Profit or Gain = S.P. - C.P. = Selling Price - Cost Price
Loss = C.P. - S.P. = Cost Price - Selling Price
CALCULATING PROFIT AND LOSS
Let us consider some examples.
1. The cost of a wrist watch is Rs 150. The shopkeeper sells it for Rs. 180. Find the profit or loss.
Solution:
C.P. of the wrist watch = Rs. 150
S.P. of the wrist watch = Rs. 180
As S .P . > C.P., a profit results.
Profit = S.P. - С.Р. = Rs. 180 - Rs. 150
= Rs. 30
2. The cost of a book was Rs 200. It was sold for Rs 175. Find the profit or loss
Solution:
C.P. of the book = Rs. 200
S.P. of the book = Rs. 175
As C .P. > S.P., a loss results.
Loss = C.P. - S.P.
= Rs. 200 - Rs. 175
= Rs. 25
Profit or loss is always calculated on the cost price.
More solved examples on finding profit or loss:
3. A shopkeeper buys a football for $ 150 and sells it at $ 210. What is his profit or loss?
Cost Price of foot ball = $ 150
Selling Price of foot ball = $ 210
210 > 150
As, S.P. > C.P.
So, he makes a profit
Profit = S.P. - C.P.
= $ (210 - 150)
= $ 60.
4. A merchant bought a table fan for $ 575 and sold for $ 500. Find the loss of the merchant in the transaction?
Cost Price of the table fan = $ 575
Selling Price of the table fan = $ 500
Loss = Cost Price - Selling Price
= $ (575 - 500)
= $ 75
Therefore, loss of the merchant is $ 75.
5. A man bought 360 eggs at $ 18 per dozen. 40 egg where broken and 20 egg were rotten. What would be his profit or loss if he sells the rest at $ 20 per dozen?
As 12 things makes a dozen,
He bought = (360 ÷ 12) dozen
= 30 dozen.
His cost price = $ 18 × 30 = $ 540
He sold total number of eggs = (360 - 40 - 20) = 300
Therefore, he sold = (300 ÷ 12) dozen eggs
= 25 dozen eggs.
His selling price = $ 25 × 20
= $ 500
As 500 < 540, that is S.P. < C.P.
He suffers a loss,
His loss = C.P. - S.P.
= $ (540 - 500)
= $ 40.
To find Cost Price or Selling Price when Profit or Loss is given.
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