How To Solve Profit And Loss Question Quickly

How to Solve Profit & Loss Ques Quickly

The profit and loss concept play and important and fundamental role in realm of accounting.
Cost Price – Cost Price is the price at which an article is purchased by the buyer. It is abbreviated as C. P.

Selling Price – Selling Price is the price at which any material or commodity is sold to known.  For ex– Rahul is selling sugar. Here selling refers to SELLING PRICE .

Gain or Profit – If SP is greater than CP then the seller is said to have profit or gain.

How To SOlve Profit and Loss Quickly

Solve Profit and Loss Quickly

Question 1.

A man sold an article at a loss of 20%. If he has sold that article for Rs. 12 more he would have gained 10%. Find the cost price of that article :
Options
:
A. Rs. 60
B. Rs. 40
C. Rs. 30
D. Rs. 22

Solution:

Let the cp be x
SP at 20% loss = Rs 0.8x
According to question
0.8x + 12 = 1.1x

=>0.3x = 12

=> x = Rs 40

Correct option: B

Question 2.

If on an item a company gives 25% discount, they earn 25% profit. If they now give 10% discount then what is the profit percentage.

Options:
A. 40%
B. 55%
C. 35%
D. 30%

Solution:

Let the cost be Rs x.
After giving 25% discount it becomes 0.75x
Selling price = 0.75x which gives 25% profit…       (1)

Thus, after giving 10% discount it becomes 0.90x
Selling price = 0.90x ……              (2)

From (1) and (2),

0.90x will gives = (25 * 0.90x)/ (0.75x) = 30 % profit.

Correct option: D

Question 3.

A milk man mixed 1 : 4 solution of milk and water with another 1 : 2 solution of milk and water in the volume of ratio 3 : 2. If the profit earned by selling the first solution was 20% and the mixture was sold at the same price, what is the profit or loss percentage? You have to assume that water comes free of cost.

Options:
A. 5.26% profit
B. 5.25% loss
C. 6.25% loss
D. None of these

Solution:

First solution has 1L milk in 5L solution, hence 0.2L milk/ liter of sol. 2nd sol has 0.33L milk/liter of sol. Then he take 3L of first sol and 2L of second sol. so, the final mixture has 0.2*3+0.33*2=1.26L of milk in 5L of Mixture.
Let he sold first sol in Re1 with 20% gain, means 1L milk with Re0.2 gain.
In the final mix he sold 0.26L free wich have a profit of (0.2/1)*0.26=0.052=5.2% loss

Correct option: B

How To Solve Profit and Loss Quickly

Question 4.

A shopkeeper bought a watch for Rs.400 and sold it for Rs.500.What is his profit percentage?
Options
:
A. 35%
B. 25%
C. 30%
D. 20%

Solution:

cost price=400
selling price=500
profit%=total profit/cost price*100

profit=500-400=rs.100
profit%=100/400*100
=100/4
=25%
ans. 25%

Correct option: B

Question 5.

A person bought an article and sold it at a loss of 10%. If he had bought it for 20% less and sold it for Rs.55 more he would have had a profit of 40%. The cost price of the article is.

Options:
A. 125
B. 150.5
C. 112.5
D. None

Solution:

now x is CP
sold it at a loss of 10%=90x/100=9x/10
bought it for 20% less=80x/100=4x/5
profit 40%of 4x/5=140x/100*4x/5=56x/50

56x/50-9x/10=55rs
560x-450x/500=55rs
110x/500=55rs
x=500*55/110
x=27500/110=250
X-250

Correct option: D

Question 6.

If on an item a company gives 25% discount, they earn 25% profit. If they now give 10% discount then what is the profit percentage. 

Options:
A. 40%
B. 55%
C. 45%
D. 30%

Solution:

Let the cost be Rs x.
After giving 25% discount it becomes 0.75x
Selling price = 0.75x which gives 25% profit…(1)

Thus, after giving 10% discount it becomes 0.90x
Selling price = 0.90x ……(ii)

From (1) and (2),
0.90x will gives = (25 * 0.90x)/ (0.75x)
= 30 % profit.

Correct option: D

Question 7.

A cow and a horse are bought for Rs 200000. The cow is sold at profit of 20% and the horse at a loss of 10%.the overall gain is Rs 4000. The cost price of cow is?

Options:
A. 36000
B. 80000
C. 54000
D. 45000

Solutions:

Let, the cost price of cow be c and that of horse be h.
Then,
c+h=200000
Selling price of Cow & Horse = 6c/5 + 9h/10
=(12c + 9h)/10

now, (12c + 9h)/10=204000
12c+9h =2040000 …..(eq 1)

12c+12h=2400000 …..(eq 2)
3h = 360000
=> h= Rs.120000
c=200000-120000
=80000
Cost of cow = Rs. 80000
Cost of Horse=Rs. 36000

Correct Option B

Question 8.

A merchant buys 20 kg of wheat of Rs.30 per kg and 40 kg wheat at Rs.25 per kg. He mixed them and sells one third of the mixture at Rs.26 per kg. The price at which the merchant should sell the remaining mixture, So that he may earn a profit of 25 % in his whole outlay is?

Options:
A. Rs 30
B. Rs 36
C. Rs 37
D. Rs 40

Solution:

Cost price of all the wheat=(20*30)+(40*25)=1600

if he makes 25% profit then total selling price=1600*5/4=2000

total mixture of wheat is 60kg. one third of which is 20kg.
Now selling price of 20kg of wheat=20*26=520
so 40kg of wheat =(2000-520)/40=37

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