Practice Set For Profit and Loss

Practice Questions for Profit and Loss :

Q.1 Sathish bought a second-hand bike and spent Rs.3000 on its repair and spare parts.  Then he sold it to Rajesh at a profit of 15 % and then Rajesh sold it to Suresh at a loss of 10 %.  Suresh finally sold it for Rs.22770 at a profit of  10%. How much amount did Sathish initially pay for the bike? 

A.Rs. 21000  
B.Rs. 17000  
C.Rs. 23000  
D.Rs. 19000  
E. None of these

Answer: B

Let Sathish pay for the bike be Rs. x, 
(x + 3000)X(115/100)X(90/100)X(110/100) = 
22770 
(x + 3000) = (22770X100X100X100)/(115X90X110) 
(x + 3000) = 20000 
x = 17000 
The initial amount paid by Sathish = Rs. 17000

Q.2 A shopkeeper marks the price of the article as is 20% above its cost price and also offers a 10% discount. Find the profit percentage?
A.10%
B. 8%
C.12%
D.14%
E. None of these  

Answer: B

CP = x 
SP = x * 120/100 * 90/100 
= 1.08x 
Profit = 1.08x – x 
= 0.08x 
Profit percentage = 0.08x/x * 100 
= 8% 

Q.3 The shopkeeper sold article A at a 20% loss and the cost price of article A is Rs.4500. With that amount, he bought article B and sold it at a profit of 30%. What is the overall profit or loss in the whole transaction?

A. Rs.120 
B. Rs.150 
C. Rs.180 
D. Rs.200 
E. None of these

Answer: C

CP of article A=Rs. 4500 
SP of article A=80/100 * 4500=Rs.3600 
CP of article B=Rs. 3600 
SP of article B=3600 * 130/100=Rs.4680 
Total CP=4500 + 3600=Rs.8100 
Total SP=3600 + 4680=Rs. 8280 
Profit=8280 – 8100=Rs.180 

Q.4 A shopkeeper offers two successive discounts of 20% and 15% respectively for the laptop while he gets 20% profit. If the selling price of the laptop is Rs.34000, what is the discount amount?
A.Rs.12000
B.Rs.14000
C.Rs.16000
D.Rs.18000
E. None of these 

Answer: C

SP = 34000 
MP X 80/100 X 85/100 = 34000
MP = 50000 
Discount = 50000 – 34000 = 16000

Q.5 A shopkeeper bought two articles A and B such that he had a Profit of 15% and 20% on selling articles A and B respectively. The selling price of articles A and B is Rs.230 and Rs.420 respectively. At what price must that items be 
sold together in order to gain 30%?

A. Rs.686 
B. Rs.695 
C. Rs.700 
D. Rs.740 
E. None of these 

Answer: E

SP of A = 230 
Profit% on A = 15% 
CP of A = 230 X 100/115 = 200 
SP of B = 420 
Profit% on B = 20% 
CP of B = 420 X 100/120 = 350 
Total CP = 200 + 350 = 550 
Now, to earn a total profit of 30% on both item 
together, selling price = 130% of 550 
= Rs.715 

Q.6 What is the value of y, if an article is sold after allowing two successive discounts of y% and 5% and per cent profit earned after selling the article is y%. The cost price and Marked price of the article are Rs.2850 and Rs.5000 Respectively.

A.15 
B.20 
C.25 
D.30 
E.35 

Answer: C

CP = 2850 MP = 5000 
Profit = y% Successive 
discounts = y%, 5% 
((100 – y)/100) X ((100 -5)/100) * 5000 
= ((100+y)/100) X 2850 [(100 – y)/100] X 95/100 X 5000 
= (100 + y)/100 X 2850 
(100 – y) = (100+y) X 3/5 
500 – 5y = 300 + 3y 
8y = 200 
y = 25 

Q.7 The shopkeeper marked 20% above the cost price of the article and also he gives 15% of the discount to his favourite customer. The customer sold that article to his friend in the amount of Rs.5896. If the cost price of the article is Rs.4800, then what is the profit gained by the customer?

A.Rs.800 
B.Rs.2000 
C.Rs.1000 
D.Rs.1500 
E. Cannot be determine 

Answer: C

MP of the article=4800 X 120/100=Rs.5760 
SP of the article =5760 X 85/100=Rs.4896 
CP of article for Customer=Rs.4896 
SP of the customer=Rs.5896 Profit=5896 – 4896=1000 

Q.8 By selling a laptop for Rs.12000, a shopkeeper gains 20%. If the profit is reduced to 15%, then find the selling price of the laptop?

A.Rs.11500 
B.Rs.13480 
C.Rs.14560 
D.Rs.23490 
E. None of these

Answer: A

CP = SP X 100/(100 + P%) 
= 12000 X 100/(100 + 20) 
= Rs.10000 
SP of laptop for 15% profit = CP X (100 + 
P%)/100 
= 10000 X (100 + 15)/100 
= Rs.11500

Q.9 Praveen is a computer shop owner. He purchases the components of a desktop for Rs. 6200 and then he spends a further Rs. 2400 on labour charge to assemble the desktop. If he sells 18 desktops for Rs. 175000, then what is the approximate profit percentage?

A.13% 
B.11.5% 
C.12.2% 
D.14.35% 
E. 8.9% 

Answer: A

Total cost of one desktop 
= Rs. (6200 + 2400) 
= Rs.8600 
Selling price of one desktop 
= Rs. (175000/18) 
= Rs.9722.2 
Profit% = [(9722.2-8600)/8600] X 100 
= 13% 
(Approx) 

Q.10 A man sold an article for Rs.7600 and incurred a loss. Had he sold the article for Rs.8350, his gain would have been equal to half of the amount of loss that he incurred. At what price should he sell the article to have a 20% profit?

A. Rs.8560 
B. Rs.7680 
C. Rs.11240 
D. Rs.9720 
E. None of these 

Answer: D

Loss = C.P – 7600 
Profit = 8350 – CP 
Profit = (1/2) X Loss 8350 – C.P 
= (1/2) [C.P – 7600] 16700 – 2C.P 
= C.P – 7600 3C.P 
= 16700 + 7600 
3C.P = 24300 
C.P = Rs.8100 
Selling price = 8100*(120/100) 
= Rs.9720 

Q.11 The selling price of 8 articles is equal to the cost price of 10 articles. What is the percentage profit in selling the articles?

A. 15%
B. 12%
C. 20%
D. 25%
E. 28%

Answer: D

S.P of 8 articles = C.P of 10 articles
S.P of 1 article = C.P of (5/4) article
Let C.P of 1 article be Rs.4
S.P of 1 article = (5/4)X4 = Rs.5
So, percentage profit = ((5 – 4)/4)X100% = 25% 

Q.12 The cost price of a water bottle is Rs.50. If the marked price is 20% above its cost price and the discount is 5%, find the total discount on selling 19 bottles.

A. Rs.3
B. Rs.60
C. Rs.57
D. Rs.51
E. Rs.253 

Answer: C

CP = 50
MP = 50 X 120/100 = 60
Discount = 60 X 5/100 = 3
Total discount = 3 X 19 = 57

Q.13 Ratio of the cost price to the marked price of the article is 4: 5. A shopkeeper offers a discount of 15% and the marked price of the article is Rs.720. What is the profit percentage of the article?

A. 6.25%
B. 4.75%
C. 5.5%
D. 3.40%
E. None of these 

Answer: A

CP = 4/5 X 720 = Rs.576
SP = 720 X 85/100 = Rs.612
Profit percentage = (612 – 576)/576 X 100
= 6.25%

Q.14 A fruit seller sold fruit at a loss of 5%. Had he sold it for Rs.20 more, he would have earned a profit of 5%. Find the cost of the fruit.

A. Rs.100
B. Rs.200
C. Rs.150
D. Rs.250
E. None of these 

Answer: B

Let the CP = x. Then SP = 95x/100 = 19x/20
19x/20+ 20 = 105x/100
=> x = Rs.200 

Q.15 A shopkeeper bought 60kg of apple at the rate of Rs.90 per kg. He sold 45% of the total quantity at the rate of Rs.100 per kg. At what price per kg (approximate value) should he sell the remaining quantity to make a 25% overall profit?

A. Rs.123 
B. Rs.139 
C. Rs.137 
D. Rs.143 
E. Rs.113

Answer: A

CP=90X60
=Rs.5400 

45% of 60kg
=60X45/100
=27kg 

SP of 27kg
=27X100
=Rs.2700 

25% of profit
=5400X125/100
=Rs.6750

Amount=6750-2700=4050 

Remaining apple=60-27=33kg

Required amount=4050/33
=Rs.122.72

Q.16 If the selling price of the mobile is Rs.6000 and the ratio of the marked to cost price of the mobile is 5: 3. If the shopkeeper offers a discount of 20% on the marked price of the mobile, then find the profit percentage of the mobile?

A. 28.28% 
B. 44.44% 
C. 33.33% 
D. 48.48% 
E. 52.52%

Answer: C

SP of mobile = Rs.6000 
MP of mobile = 5x 
CP of mobile = 3x 
5x X 80/100 = 6000 
x = 1500 
CP of mobile = 3 X 1500 = Rs.4500 
Profit percentage = (6000 – 4500)/4500 X 100 = 
33.33%

Q.17 Ratio of the cost price of the mobile and the selling price of the laptop is 1:1 and the shopkeeper sold the mobile at a 10% loss and the laptop at a 20% profit. If the selling price of a mobile and laptop together is Rs.19000, what is the approximate total profit or loss?

A. No gain no loss 
B. Rs.555 loss 
C. Rs.667 profit 
D. Rs.480 loss 
E. Rs.499 profit

Answer: C

CP of mobile = m
CP of laptop = l 
SP of mobile = x 
SP of laptop = y 
x+ y = 19000 
m = y 
x = 90/100 X m 
x = 90/100 X y 
90/100 X y + y = 19000 
190y/100 = 19000 
y = 10000 
x = 9000 
m = 9000 X 100/90 = 10000 
y = 120/100 X l 
10000 = 120/100 X l 
l = 1000000 / 120 = 50000/6 
Total CP = 10000 + 50000/6 = Rs.18333.33 
Profit = 19000 – 18333.33 = 666.667 

Q.18 The marked price of a computer is Rs.15000. If a shopkeeper earned a profit of 16 (2/3)% after giving a phone for purchasing the computer and the cost price is 12000, find the percentage of discount which is equal to the price of the phone.

A. 8 (2/3)% 
B. 7 (2/3)% 
C. 6 (2/3)% 
D. 6 (1/3)% 
E. 9 (2/3)% 

Answer: C

CP = 12000 
MP = 15000 
Profit = 12000 X 50/300 = 2000 
Price of phone = 15000 – (12000 + 2000) = 
1000 
Discount = 1000 
% Discount = (1000/15000) X 100 = 6 (2/3)%

Q.19 Anmol sold an article marked at 20000 after giving four successive discounts of 10%, 15%, 20% and 25%. Instead, if he sold it at a 30% discount, find his net gain or loss in the Selling price.

A. 4820 loss 
B. 2410 gain 
C. 4820 gain 
D. 2410 loss 
E. None of these

Answer: C

1st case: 
SP = 20000 X 90/100 X 85/100 X80/100 
X 75/100 = 9180 

2nd case: 
= SP = 20000 X 70/100 = 14000 
Therefore, he would have gained = 4820

Q.20 Rajesh bought 23kg of rice at 30 rupees per kg and 32 kg of rice at 35 rupees per kg. Now he sold the entire rice at 42 rupees per kg. Find the amount of loss/profit made by Rajesh.

A. Rs.320 profit 
B. Rs.410 profit 
C. Rs.350 profit 
D. Rs.500 profit 
E. None of these

Answer: D

Total cost price
= 23X30 + 32X35 
= 690 + 1120 
= 1810 
Total selling price 
= 55X42 
= 2310 
Profit = 2310 – 1810 = Rs.500