Profit and Loss Short Tricks with questions and answers Math Tricks:
The Profit and Loss is commonly asked topic in any competitive exam. If you are preparing the any competitive exam then you should have to prepare Profit and Loss topic very carefully. Here we are explaining all the tricks and problems of Profit and Loss. So prepare upcoming exams like SSC CGL, IBPS, SSC CHSL, MTS and Many Others.
Before explaining to the profit and loss, you should have to understand what is cost price and selling price.
Cost Price: Cost Price is that price at which any Item is purchased it is denoted by C.P.
Selling Price: Selling price is that price in which article is sold it is denoted by S.P.
What is Profit???
If the selling price is more than Cost Price then it will be profit.
Profit % = Profit/(C.P.)*100
S.P. = (100+gain%)/100 * C.P.
What is Loss???
If the Cost Price is more than selling price then Loss will occur.
Loss = C.P.-S.P.
Loss %= Loss/(C.P.)X100
S.P. = (100-Loss %)/100XC.P.
Profit and Loss Problems and Solutions According to Previous Year Papers
Question 1: A Pen is sold for Rs. 7.00 at a profit of 25% of the selling price. Calculate the selling price into Cost and Profit??
Solution: Here we can say that Selling Price X % profit = profit
And Selling Price= Profit + Cost
Now Solving profit= 7.00 X .25 =1.75
Question 2: Find the loss and original cost of Bags which are sold at Rs. 100 at loss of 60%??
Solution: Solving we get
Selling Price X % loss = loss
Selling Price + loss = cost
Loss= 100 X .60=60
Original Cost= 100 + 60= 160
Question 3: Calculate the selling price of Socks if 20.00 per pair were sold at loss of 25% of selling price??
Solution: Cost/ (100% + %loss)= selling price
Selling Price= 20/1.25= 16
Question 4: A Chocolate were sells for 5.50 at profit of Rs. .55. Calculate the percent of profit on selling price??
Gain Profit/ Selling Price= % Profit
% Profit= .55/5.5= .10 or 10% profit
Question 5: Calculate the percent loss on cost if 40% loss on selling price obtained??
Solution: % loss on selling price/(100% + % loss on selling price) = % loss on cost
Loss on cost= .40/1.40= 0.2857 or 28.57% loss on cost