Learn and practice Problems on profit and loss with easy explaination and shortcut tricks. All questions and answers on profit and loss covered for various Competitive Exams

Solve Problems: 1) A shopkeeper sold an article for Rs. 2500. If the cost price of the article is 2000, find the profit percent.

23% 25% 27% 29% View Answer

The Correct answer is (B)

Answer with explanation:

C.P. = Rs. 2000

S.P. = Rs. 2500

Profit or Gain = S.P. -C.P.

= 2500 – 2000 = 500

Apply formula: Profit % =Profit ∗100 C.P. =500 ∗100 =25 % 2000

2) A man purchases a TV for Rs. 8000 and sells it at 10% loss. What is the selling price of T.V?

Rs.7200 Rs.7000 Rs.6900 Rs.6500 View Answer

The Correct answer is (A)

Answer with explanation:

C.P. of the TV = Rs. 8000

S.P. of the TV =?

Loss incurred = 10%

Apply formula: Selling Price = * C.P.

Therefore, S.P. =(100-10)/100 * 8000

= 90/100 * 8000 = 7200

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3) Ramesh bought a chair for Rs. 1540 and sold it to Suresh. If Ramesh earned a profit of 25%, find the selling price of chair.

Rs.1875 Rs.1900 Rs.1925 Rs.1950 View Answer

The Correct answer is (C)

Answer with explanation:

C.P. of the chair = Rs. 1540

S.P. of the chair =?

Profit earned = 25%

Apply formula: Selling Price =(100+Profit%) ∗C.P. 100

Therefore, S.P. =(100+25) ∗1540 100 =125 ∗1540 100

=1925

4) A shopkeeper purchases a table and sells it for Rs. 4200. If he incurs a loss of 20%, find the cost price of table.

Rs.5250 Rs.5150 Rs.5052 Rs.5200 View Answer

The Correct answer is (A)

Answer with explanation:

S.P. of the table = Rs. 4200

C.P. of the table =?

Loss incurred = 20%

Apply formula: Cost Price = 100/(100- loss%) ∗ S.P.

C.P. =100/(100-20) ∗4200

=100 ∗4200 80

= 5250

5) Suresh bought a cell phone from a shop. If he sells it at Rs. 8400 to Mahesh and earns a profit of 12%, find the price at which Suresh bought the cell phone.

Rs.7100 Rs.7250 Rs.7350 Rs.7500 View Answer

The Correct answer is (D)

Answer with explanation:

S.P of the cell phone = Rs. 8400

C.P. of the cell phone =?

Profit earned = 12 %

Apply formula: Cost Price =100/(100+profit%) ∗S.P.

Therefore, C.P. =100/(100+12) ∗8400

=100 ∗8400 = 7500 112

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6) A shopkeeper bought a watch for Rs. 1200. At what price should he sell the watch to earn a profit of 25% ?

Rs. 1400 Rs. 1450 Rs. 1500 Rs. 1550 View Answer

The Correct answer is (C)

Answer with explanation:

C.P. of watch = Rs. 1200

Profit = 25%

S.P. of watch =?

Shopkeeper wants to earn profit of 25% so he has to keep the selling price 125% (125 )of the cost price. 100

Therefore S.P.=(125 ) ∗1200 = 1500 100

Solution 2:

Apply formula: Selling Price =(100+Profit%) ∗C.P. 100 =(100+25) ∗C.P. 100 =125 ∗1200 = 1500 100

7) Mohan bought an article at 25% less of the marked price and sold it at 15% more than the marked price. Find the profit earned by him.

53.3 % 55% 57.3% 52.3 % View Answer

The Correct answer is (A)

Answer with explanation:

Let the marked price be Rs. 100

∴ C.P. = 100 -25 = 75

And, S.P. = 100 + 15 = 115

Profit (S.P. -C.P.) = 115 -75 = 40

Profit % =profit/cost price ∗100

=40 ∗100=53.3% 75

8) If the cost price of 120 mangoes is equal to the selling price of 100 mangoes, what is the profit percent in this transaction?

15% 17% 20% 21% View Answer

The Correct answer is (C)

Answer with explanation:

Let the C.P. of 120 mangoes be Rs. 120

As per question, S.P. of 100 mangoes = Rs. 120

C.P. of 100 mangoes would be = Rs. 100

Profit = (S.P.- C.P.) = 120 -100 = 20

Profit percent =profit/cost price ∗100

=20 ∗100=20% 100

Solution 2:

Apply formula: (P-Q)/Q * 100 =120 – 100 ∗100=20% 100

9) After selling 140 apples a fruit seller earns a profit equal to S.P. of 20 apples. His profit percentage is:

15.7% 16.7% 18.7% 20% View Answer

The Correct answer is (B)

Answer with explanation:

Let selling price of 140 apples be Rs. 140

Profit = selling price of 20 apples = Rs. 20

C.P. = S.P. – Profit

= 140 – 20= 120

Profit percent = profit/cost price ∗100

=20 ∗100=16.7% 120

10) The cost price of 30 articles is equal to the selling price of 25 articles. What is the profit percentage in this transaction?

20% 18% 15% 13% View Answer

The Correct answer is (A)

Answer with explanation:

Let the cost price of each article be Rs. 1

∴ C.P. of 25 articles = Rs. 25

S.P. of 25 articles = C.P. of 30 articles = Rs. 30

Profit = Profit (S.P. – C.P.) = 30 -25 = 5

Profit % = profit/cost price ∗100 = 20 % 25

Solution 2:

Apply formula: (P-Q)/Q * 100% =30-25 ∗100=20% 25