Profit and Loss

Profit and loss depends on the cost price and selling price of an article.

Suppose, if a person buys an article for $70 and sells it for $100.

The cost-price (C.P.) of an article is the price at which the article is bought = $70

The selling-price (S.P.) of an article is the price at which the article is sold = $100

Since, the selling price of the article is more than its cost price; it is sold at a profit.

and, profit (gain) = $100 - $70 = $30

Thus, profit (gain) = selling price - cost price

i.e. profit (gain) = S.P. - C.P.

Similarly, if a person buys an article for $100 and sells it for $90;

The cost-price of the article = $100

and its selling price = $90

Since, the selling price of the article is less than the cost price; it is sold at a loss.

and, loss = $100 - $90 = $10

Thus, loss = cost price - selling price

i.e. loss = C.P. - S.P.

Note: S.P. is the short form for selling price and C.P. is the short form for cost price.


Corollary:

1. When selling price is more than cost price, there is a profit.

(i) profit = selling price - cost price            i.e. profit = S.P. - C.P.

(ii) selling price = cost price + profit          i.e. S.P. = C.P. + profit

(iii) cost price = selling price - profit          i.e. C.P. = S.P. - profit


2. When selling price is less than cost price, there is a loss.

(i) loss = cost price - selling price                i.e. loss = C.P. - S.P.

(ii) selling price = cost price - loss               i.e. S.P. = C.P. - loss

(iii) cost price = selling price + loss             i.e. C.P. = S.P. + loss

 

Solved examples on profit and loss:

1. A man bought an article for $10.50 and sold it for $12.

Here the cost price (C.P.) of the article is $10.50 and the selling price (S.P.) of the article is $12.00. Since the selling price of an article is more than its cost price; it is sold at a profit (gain).

Profit = selling price (S.P.) - cost price (C.P.)

        = $12.00 - $10.50

        = $1.50


2. A boy bought a second hand bicycle for $570. After one year he sold it for $350.

Here the cost price (C.P.) of the bicycle is $570 and the selling price (S.P.) of the bicycle is $350. Since the selling price of an article is less than its cost price; it is sold at a loss.

Loss = cost price (C.P.) - selling price (S.P.)

       = $570 - $350

       = $220

Profit And Loss

To find Profit or Loss when Cost Price and Selling Price are Given

To find Selling Price when Cost Price and Profit or Loss are Given

To find Cost Price when Selling Price and Profit or Loss are Given

Examples on Profit and Loss

Calculate Profit Percent

Calculate Loss Percent

Calculate Profit or Loss Percent

Calculate Profit and Selling Price

Calculate Loss and Selling Price

Overhead Charges

Discount and Discount Percent












6th Grade Math Practice

From 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.

Share this page: What’s this?

Recent Articles

  1. Line-Segment, Ray and Line | Definition of in Line-segment | Symbol

    Jun 14, 24 10:41 AM

    Line-Segment, Ray and Line
    Definition of in Line-segment, ray and line geometry: A line segment is a fixed part of a line. It has two end points. It is named by the end points. In the figure given below end points are A and B…

    Read More

  2. Definition of Points, Lines and Shapes in Geometry | Types & Examples

    Jun 14, 24 09:45 AM

    How Many Points are There?
    Definition of points, lines and shapes in geometry: Point: A point is the fundamental element of geometry. If we put the tip of a pencil on a paper and press it lightly,

    Read More

  3. Subtracting Integers | Subtraction of Integers |Fundamental Operations

    Jun 13, 24 04:32 PM

    Subtraction of Integers
    Subtracting integers is the second operations on integers, among the four fundamental operations on integers. Change the sign of the integer to be subtracted and then add.

    Read More

  4. 6th Grade Worksheet on Whole Numbers |Answer|6th Grade Math Worksheets

    Jun 13, 24 04:17 PM

    6th Grade Worksheet on Whole Numbers
    In 6th Grade Worksheet on Whole Numbers contains various types of questions on whole numbers, successor and predecessor of a number, number line, addition of whole numbers, subtraction of whole number…

    Read More

  5. 6th Grade Integers Worksheet | Word Problems | True / False | Answers

    Jun 13, 24 03:50 PM

    6th Grade Integers Worksheet
    In 6th grade integers worksheet contains various types of questions on integers, absolute value of an integer, addition of integer, properties of integer, subtraction of integer, properties of subtrac…

    Read More

Profit And Loss - Worksheets

Worksheet on Calculating Profit or Loss

Worksheet on Calculating Cost Price

Worksheet on Calculating Selling Price

Worksheet on Cost Price and Selling Price

Worksheet on Calculating Profit or Loss Percent

Worksheet on Profit or Loss Percent

Worksheet on Calculating Overhead Charges

Worksheet on Calculating Discount

Worksheet on Discount Percent

Worksheet on Calculating Discount on Marked Price