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Profit and Loss Questions Answers

  • 8. The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%, find out the value of x

    1. 13
    2. 14
    3. 15
    4. 16
    Answer And Explanation

    Answer: Option D

    Explanation:

    Let the Cost Price of one article = Rs. 1
    CP of x articles = Rs. x
    CP of 20 articles = 20
    Selling price of x articles = 20

    Profit = 25% [Given]

    \begin{aligned}
    \Rightarrow \left (\dfrac{SP - CP }{CP}\right ) = \dfrac{25}{100} = \dfrac{1}{4}

    & \Rightarrow \dfrac{\left(20-x \right )}{x} = \dfrac{1}{4} \\
    & \Rightarrow 80 - 4x = x \\
    & \Rightarrow 5x = 80 \nonumber \\
    & \Rightarrow x = \dfrac{80}{5} = 16 \\

    \end{aligned}

  • 9. Akhil purchased 70kg vegetable at Rs. 420, then sold them at the rate of Rs. 6.50 per kg, find the profit percent.

    1. \begin{aligned} 8\frac{1}{3}\% \end{aligned}
    2. \begin{aligned} 7\frac{1}{3}\% \end{aligned}
    3. \begin{aligned} 6\frac{1}{3}\% \end{aligned}
    4. \begin{aligned} 5\frac{1}{3}\% \end{aligned}
    Answer And Explanation

    Answer: Option A

    Explanation:

    Please note in this type of questions, get the value of 1 kg to solve this question, lets solve it.

    C.P. of 1 Kg = 420/70 = Rs. 6
    Selling Price = 6.50
    Gain = Rs. 0.50

    \begin{aligned}
    Gain\% = \frac{.50}{6}*100 \\
    = 8\frac{1}{3}\%
    \end{aligned}

  • 10. 100 oranges are bought at the rate of Rs. 350 and sold at the rate of 48 per dozen. The percentage of profit is

    1. \begin{aligned} 12\frac{2}{7} \% \end{aligned}
    2. \begin{aligned} 13\frac{2}{7} \% \end{aligned}
    3. \begin{aligned} 14\frac{2}{7} \%\end{aligned}
    4. \begin{aligned} 15\frac{2}{7} \% \end{aligned}
    Answer And Explanation

    Answer: Option C

    Explanation:

    So before solving this question we will get the C.P. and S.P. of 1 article to get the gain percent.

    C.P. of 1 orange = 350/100 = Rs 3.50
    S.P. of one orange = 48/12 = Rs 4 [note: divided by 12 as 1 dozen contains 12 items]
    Gain = 4 - 3.50 = Rs 0.50
    \begin{aligned}
    Gain\% = \frac{0.50}{3.50}*100 \\
    = \frac{100}{7}\%
    = 14\frac{2}{7}\%
    \end{aligned}

  • 11. A man buys an item at Rs. 1200 and sells it at the loss of 20 percent. Then what is the selling price of that item

    1. Rs. 660
    2. Rs. 760
    3. Rs. 860
    4. Rs. 960
    Answer And Explanation

    Answer: Option D

    Explanation:

    Here always remember, when ever x% loss,
    it means S.P. = (100 - x)% of C.P
    when ever x% profit,
    it means S.P. = (100 + x)% of C.P

    So here will be (100 - x)% of C.P.
    = 80% of 1200
    = 80/100 * 1200
    = 960

  • 12. Sahil purchased a machine at Rs 10000, then got it repaired at Rs 5000, then gave its transportation charges Rs 1000. Then he sold it with 50% of profit. At what price he actually sold it.

    1. Rs. 22000
    2. Rs. 24000
    3. Rs. 26000
    4. Rs. 28000
    Answer And Explanation

    Answer: Option B

    Explanation:

    Question seems a bit tricky, but it is very simple.
    Just calculate all Cost price, then get 150% of CP.

    C.P. = 10000 + 5000 + 1000 = 16000

    150% of 16000 = 150/100 * 16000 = 24000

  • 13. A shopkeeper expects a gain of 45/2 % on his C.P. If his sale was Rs. 392, then find his profit.

    1. Rs. 70
    2. Rs. 72
    3. Rs. 74
    4. Rs. 76
    Answer And Explanation

    Answer: Option B

    Explanation:

    We Know,

    \begin{aligned}
    S.P. = \left( \frac{100+gain\%}{100} * C.P \right)\\
    => C.P. = \frac{100}{122.50}* 392 \\
    = 320 \\

    Profit = 392 -320 = Rs 72
    \end{aligned}

  • 14. A plot is sold for Rs. 18,700 with a loss of 15%. At what price it should be sold to get profit of 15%.

    1. Rs 25300
    2. Rs 22300
    3. Rs 24300
    4. Rs 21300
    Answer And Explanation

    Answer: Option A

    Explanation:

    This type of question can be easily and quickly solved as following:

    Let at Rs x it can earn 15% pr0fit
    85:18700 = 115:x [as, loss = 100 -15, Profit = 100 +15]

    x = (18700*115)/85
    = Rs.25300