Profit and Loss Questions PDF: Profit and loss are the terms used to find whether any transaction is profitable or not. The concept of profit & loss is used by us in our daily lives as well. Mostly we use this concept to calculate the loss or gain on any product. The price at which we buy anything is called cost price and the price at which any product is sold is called selling price.
There is also a marked price which means the price which is printed on any product. So in this article, we are going to discuss profit and loss formulas, concepts, tricks, questions, and examples. Profit and Loss is one most important topics for bank exams, 1 to 2 questions have been seen in Bank PO Prelims exams. Here at Dream Big Institution, you will get a Profit and Loss PDF with Tricks to Solve Fast. Solving a Profit and Loss is basically based on the practice as much you will practice different types of questions that much will be familiar to profit and loss problems.
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Profit and Loss Questions PDF
So if you want to be a master of Profit and Loss Questions you must download this PDF with 50 problems as much as you can make your maths basic strong you can solve Bank Exams Questions Fast.
Profit and Loss Questions PDF
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Profit and Loss Questions With Solutions for Bank Exams
Profit & Loss is one of the favorite topics of the examiner which is commonly asked in the banking examinations. Profit & Loss is asked in the prelims as well as the mains exam with a difference in the difficulty level. Instead of doing again & again, clear your concepts once and then practice profit & loss questions.
Most of the candidates make a mistake by directly jumping on the short tricks instead of learning the core concepts therefore we will provide all the formulas of profit & loss and also try to clear your concepts. Keep reading this article to check profit & loss questions & examples.
Profit and Loss: Basic Terms
Here we have provided below some of the basic formulas of profit & loss which will help you in solving questions quickly.
Cost Price
The price at which an article is purchased is called its cost price (C.P.)
Selling Price
The price at which the article is sold is called its selling price (S.P.)
Profit
When the selling price is more than the cost price then it is called profit
Loss
When the selling price is less than the cost price then it is called loss
Marked Price or List Price (MP or LP) and Discount
Marked price is the price that is marked on the product or that is quoted in the price list. It is the price at which the product is quoted or intended to be sold. However, the seller can decide to give discounts to the buyer and the actual selling price might be different from the marked price. Given that there is no discount, the marked price is the same as the selling price.
The amount of discount given will always be calculated on the marked price. This can be expressed as Discount Percent= MP-SP/MP×100
Profit and Loss Formula
- Cost Price (CP) – This is the price at which an article is purchased.
- Selling Price (SP) – This is the price at which an article is sold.
- Profit or Gain – If the selling price is more than the cost price, the difference between them is the profit incurred.
- Profit or Gain = Selling price (SP) – Cost price (CP)
- Loss – If the selling price is less than the cost price, the difference between them is the loss incurred.
- Loss = Cost price (CP) – Selling price (SP)
- Gain on Rs. 100 is Gain Percent
- Gain% = (Gain * 100)/CP
- Loss on Rs. 100 is Loss Percent
- Loss% = (Loss * 100)/CP
- Profit or Loss is always calculated on the cost price.
- Marked Price – This is the price marked as the selling price on an article, also known as the listed price.
- Discount or Rebate – This is the reduction in price offered on the marked or listed price.
- If an article is sold at a gain of 10%, then SP = 110% of CP.
- If an article is sold at a loss of 10%, then SP = 90% of CP.
Profit and Loss: Tricks
Well, tricks are nothing but a way to reduce the steps to calculate the answer, if you know the basics then only you can understand the logic behind the tricks. So we have provided below some profit & loss tricks which you can use while solving similar types of questions
- Profit, P = SP – CP; SP>CP
- Loss, L = CP – SP; CP>SP
- P% = (P/CP) x 100
- L% = (L/CP) x 100
- SP = {(100 + P%)/100} x CP
- SP = {(100 – L%)/100} x CP
- CP = {100/(100 + P%)} x SP
- CP = {100/(100 – L%)} x SP
- Discount = MP – SP
- SP = MP -Discount
- When two different articles are sold at the same selling price getting a gain of x% on the first and loss of x% on the second, then the overall% loss in the transaction is given by (x/10)² %. (Note: In such questions there is always a loss.)
- A merchant uses faulty measures and sells his goods at gain/loss of x%. The overall % gain/loss(g) is given by (100+g)/(100+x)=(True measure)/(Faulty measure). (Note: If the merchant sells his goods at cost price, then x = 0.)
- A merchant uses y% less weight/length and sells his goods at a gain/loss of x%. The overall % gain/loss is given by [((y+x)/(100-y))×100]%
Profit & Loss: Dishonest Dealer Concept
Dishonest Dealers and faulty weights is an important topics in profit and loss generally asked in all competitive exams. In this topic, we come across such types of problems in which the shopkeeper sells the items at a cost price but still, makes a profit on those items. This can be only possible if he gives less quantity to the customer than the indicated on the product. A dishonest merchant shows he is selling the product on cost price in the welfare of the customer but in that he reduced its weight.
For example, if a shopkeeper sells a 1-liter packet of milk at its cost price but he gives only 800 ml of milk in that packet. In this case, he is giving 800 ml of milk to a customer and charging an amount of 1000 ml to the customer. Hence, we can say that 800 ml is the cost price and 1000 ml is the selling price. So, he is getting a profit of 200 ml of milk on selling 800 ml of milk.
Percentage profit = ((Selling Price – Cost Price)/(Cost Price))×100
Percentage profit = ((1000-800)/800)×100 = 25%
FAQ on Profit and Loss Questions PDF
Q. How to do profit and loss questions?
Ans: Some important formulas for solving profit and loss questions:
Profit = Selling Price – Cost Price.
Loss = Cost Price – Selling Price.
Profit % = (Profit / Cost Price) × 100%
Loss% = (Loss / Cost Price) × 100%
Selling Price = [(100 + Profit%)/100] × Cost Price.
Cost Price = [100/(100 + Profit%)] × Selling Price.
Q. What is an example of a profit or loss?
Ans: For example, for a shopkeeper, if the value of the selling price is more than the cost price of a commodity, then it is a profit and if the cost price is more than the selling price, it becomes a loss.
Q. How to solve profit and loss questions for competitive exams?
Ans: Profit and Loss Tricks for Fast Calculation
Profit = SP – CP.
Loss = CP – SP.
Profit (%) = {Profit/CP} × 100.
Loss (%) = {Loss/CP} × 100.
Discount = Marked Price – Selling Price.
Discount (%) = (Discount/MP) × 100.
SP= [(100+ Gain%)/ 100]x CP.
SP= [(100- Loss%)/ 100]x CP.
