Profit and Loss
An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period.
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Cost Price ( CP): Price at which the seller brought the product. Selling Price ( SP): Price at which the seller sells the product to you or the customer. Marked Price ( MP): It is the price displayed on the product. ( Also, called MRP ) Profit ( P): When SP > CP, the seller makes a profit. P = SP – CP ; P% = ( P / CP ) x 100
- Loss ( L ) : When SP < CP, seller suffers a loss.
L = CP – SP ; L% = ( P / CP ) x 100 Remember that both profit and loss are always calculated on the cost price of the product. Discounts ( D): The concession given by the seller on the market price ( MP ) of the product is called discount. SP = MP – Discount Markup = MP – CP ; Markup % = [ ( MP – CP ) / CP ] x 100
- Remember that discount percentages are always calculated on the Marked Price ( MP ) of the product.
The main formula for this is as follows : Initial Value ( CP ) x Multiplication Factor ( MF ) = Final Value ( SP ) For two successive profits or losses on an item, the formula for the resultant profit/loss % is:- x + y + ( xy / 100) Note: Both ‘x’ and ‘y’, here are profit/loss percentages, as given in the question. For-profit use ‘+’ sign and for loss use ‘–’ sign. If the result is in + then, there is an overall profit, if it is in ‘–’ then there is an overall loss. For more than two successive profits or losses on an item, the above formula for resultant profit/loss % is applied iterative-ly.
- If two items, which have the same CP, are sold such that one is at a profit of x% whereas the other is at a loss of x%. Then in the entire transaction, the seller neither suffers a loss nor receives profit.
- However, if two items with the same SP, are sold such that one is at a profit of x% whereas the other is at a loss of x%. Then in the entire transaction, the seller suffers a loss, which is given by the following formula:-
Overall Loss% = x^2 / 100 [ square of the common profit or loss % divided by 100 ]
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By selling a watch for rupees 495,a shopkeeper incurs a loss of 10%. Find the cost price of the watch for the shopkeeper.CorrectIncorrect
By selling a cap for rupees 34.40 , a man gains 7.5 %. What will be the C.P. of the cap ?CorrectIncorrect
A cellular phone when sold for rupees 4600 fetches a profit of 15%. Find the cost price of the cellular phone.CorrectIncorrect
A digital diary sold for rupees 935 at a profit of 10%. What would have been the actual profit or loss on it, if it had been sold for rupees 810 ?CorrectIncorrect
By selling bouquets for rupees 63, a florist gain 5%. At what price should he sell the bouquets to gain 10% on the cost price ?CorrectIncorrect
The cost of a shirt and a pair of trouser is rupees 371. If the shirt costs 12% more than the trouser, find the cost price of the trouser.CorrectIncorrect
The marked price of a table is rupees 1200, whichis 20% above the cost price. It is sold at a discount of 10% on the marked price. Find the profit percent.CorrectIncorrect
A shopkeeper marks the price of an article at rupees 80 find the cot price if after allowing a discount of 10 % he still gains 20 % on the cost price.CorrectIncorrect
In question 8, what will be the selling price of the article if he allows to successive discounts of 5% each ?CorrectIncorrect
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Find a single discount equivalent to the discount series of 20 % , 10%,5%.CorrectIncorrect
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The cost price of 50 mangoes is equal to the selling price of 40 mangoes. Find the percentage profit.CorrectIncorrect
A shopkeeper bought locks at the rate of 8 locks for rupees 34 and sold them at the rate of 12 locks for rupees 57. Calculate his gain percent.CorrectIncorrect
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If the cost price of 30 articles is equal to the selling price of 20 articles, find the profit percent.CorrectIncorrect
A sold a table to B at a profit of 15%. Later on, B sold it back to A at a profit of 20%,thereby gaining rupees 69. how much did A pay for the table originally ?CorrectIncorrect
On selling tea at rupees 40 per kg a loss of 10% is incurred. Calculate the amount of tea (in kg) sold if the total loss incurred is rupees 80.CorrectIncorrect
A man sells a plot of land at 6% profit. If he had sold it at 10% profit , he would have received rupees 200 more. What is the selling price of the land ?CorrectIncorrect
A trader purchases a apples at rupees 60 per hundred he spends 15 % on the transportation. What should be the selling price per 100 to earn a profit of 20% ?CorrectIncorrect
a tradesman fixed his selling price of goods of 30% above the cost price.he sells half the stop at this price, one-quarter of his tock at a discount of 15% on the original selling price and rest at a discount of 30% on the original selling price.find the gain percent altogether .CorrectIncorrect
A tradesman marks an article at rs.205 more than the cost price.he allows a discount of 10% on the marked price.find the profit percent if the cost price is rs.x.CorrectIncorrect
Dolly goes to the shop to a purchase a doll priced at rs.400.she is offered 4 discount options by the shopkeeper.what of these optionshould she opt for to gain maximum advantage of the discount offered?CorrectIncorrect
A dishonest dealee marks up the price of his goods by 20% and gives a discount of 10% to the customer.he also uses a 900 gram weight instead of a 1 kg weight.find the percentage profit due to this maneuvers.CorrectIncorrect
Cheap and best, a kirana shop bought some apples at 4 per rupee and an equal number at 5 per rupee.he then sold the entire quantity at 9 for 2 rupees.what is his percentage profit or loss?CorrectIncorrect
Deb bought 100 kg of rice for rs.1100 and sold it at a loss of as much money as he received for 20kg rice. At what price did he sell the rice?CorrectIncorrect
A shopkeeper makes a profit of q% by selling an object for rs.24.had the cost price and selling price been interchanged,it would have led to a loss of 62.5q%. With the latter cost price, what should be the new selling price to get a profit of q%?CorrectIncorrect
Find the change in the percentage profit for a fruit vendor who, after finding 20% of the fruits rotten, increased his selling price by 10% over and above 15% that he was already charging?CorrectIncorrect
What Would Be The Difference In The Profits If Both The Buyers Default In Each Payment By A Week?CorrectIncorrect
A Shopkeeper Calculate Percentage Profit On The Buying Price And Another On The Selling Price.What Will Be Their Difference In Profits If Both Claim A Profit Of 20% On Goods Sold For Rs.3000?CorrectIncorrect
A Merchant Makes A Profit Of 20% By Selling In Article.What Would Be The Percentage Is Change In The Profit % Had He Paid 10% Less For It And The Customer Paid 10% More For It?CorrectIncorrect
A Dishonest Shopkeeper ,At The Time Of Selling And Purchasing,Weighs 10% Less And 20% More Per Kg Respectively.Find The Percentage Profit Earned By Treachery.(Assuming He Sells At Cost Price)CorrectIncorrect
A Book Was Sold For A Certain Sum And Their Was A Loss Of 20%. Had It Been Sold For Rs.12 More,There Would Have Been A Gain Of 30%.What Would Be The Profit If The Book Were Sold For Rs.4.8 More Than What It Was Sold For?CorrectIncorrect
A Flat And A Piece Of Land Were Bought By Two Friends Raghav And Sita Respectively At Trices Of Rs.2 Lakh And Rs.2.2 Lakh. The Price Of The Flat Rises By 20% Every Year And That Of Land By 10% Every Year. After Two Years, They Decide To Exchange There Possessions.What Is Percentage Gain Of The Gainer?CorrectIncorrect
After Selling A Watch, Shyam Found That He Had Made A Loss Of 10%. He Also Found That Had He Sold It For Rs.27 More, He Would Have Made A Profit Of 5%. The Actual Initial Laws Was What Percentage Of The Profit Earned, Had He Sold The Watch For A 5% Profit?CorrectIncorrect
Sambhi Buys Rice At Rs.10 Per Kg And Puts A Price Tab On It So As To Earn A Rofit Of 2%.However, His Faulty Balance Shows 100gm When It Is Actually 800gm.What Is His Actual Gain Percentage?CorrectIncorrect
The Profit Earned When An Article Is Sold For Rs.800 Is 20 Times The Loss Incurred When It Is Sold For Rs.275.At What Price Should The Article Be Sold If It Is Desired To Make A Profit Of 25%?CorrectIncorrect
A Sells To B Goods At Five-Thirds The Rate Of Profit At Which B Has Decided To Sell It To C. C, On Other Hand, Sells It To B At One-Third The Rate Of Profit At Which B Sold It To C. If D Gives Rs.2145 To See At 10% Profit, How Much Did A Buy It For?CorrectIncorrect
An Orange Vendor Makes A Profit Of 20% By Selling Oranges At A Certain Price. If He Charges Rs.1.2 Higher Per Orange He Would Gian 40%. Find The Original Price At Which He Sold An Orange.CorrectIncorrect
A Newspaper Vendor Sells Three Kinds Of Periodicalsdailies, Weeklies And Monthlies.
The Weeklies Sell For Rs.12 At A Profit Of 20%, The Monthlies Sell For Rs.50 At A Profit Of 25%, While The Dailies Sell At Rs.3 At A Profit Of 50%. If There Is A Government Restriction On The Total Number Of Periodicals That One Particular News Vendor, Can Sell, And Kalu A News Paper Vendor, Has Sufficient Demand For All The Three Types Of Periodicals,What Should He Do To Maximize Profits?CorrectIncorrect
Without The Restriction Mentioned In The Problem Above, What Should The Newspaper Vendor Do To Maximize His Profits If His Capital Is Limited?CorrectIncorrect