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 t-shirts from a dealer at rate of Rs 700 per t-shirt. He sells them at a rate of Rs 850 per t-shirt. He buys 10 t-shirts of same type and at same rate. Find the overall profit/loss. Also profit percent/ loss percent.

**Solution:**

cost price rate = Rs 700per t-shirt

Total cost price = Rs 700 x 10

= Rs 7000

Selling price rate = Rs 850 per t-shirt

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%

**Profit and Loss**

**Cost Price, Selling Price and Rates of Profit and Loss**

**Problems on Cost Price, Selling Price and Rates of Profit and Loss**

**Understanding Overheads Expenses**

**Worksheet on Cost Price, Selling Price and Rates of Profit and Loss**

**Understanding Discount and Mark Up**

**Worksheet on Discount and Markup**

**Worksheet on the application of overhead Expenses**

**Worksheet on Successive Discounts**

**From ****Problems on Cost Price, Selling Price and Rates of Profit and Loss**** to HOME PAGE**

**Didn't find what you were looking for? Or want to know more information
about Math Only Math.
Use this Google Search to find what you need.**

## New! Comments

Have your say about what you just read! Leave me a comment in the box below. Ask a Question or Answer a Question.