SBI Clerk 2018 Coaching Day 3 - Profit and Loss (Shortcuts & Practice Tests)

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Hello friends. Today we shall learn the shortcut techniques of Profit and Loss. Happy Reading :)

Profit & Loss Shortcuts

Formulas of Profit and Loss

1. Profit = Selling Price (S.P) - Cost Price (CP), when SP > CP

2. Loss = Cost Price (C.P) - Selling Price (S.P), when SP < CP

3. Profit % = (Profit / CP) x 100

4. Loss % = (Loss / CP) x 100

5. S.P = ((100 + Profit%)/100) x CP

6. S.P = ((100 - Loss%)/100) x CP

7. C.P = (100 / (100 + Profit%)) x SP

8. CP = (100 / (100 - Loss%)) x SP

9. If C.Ps of two articles are the same and after selling them profit % on one is same as the loss % on the other, then there will be no loss or no gain.

10. If SPs of two articles are the same and the profit % on one is same as the loss % on the other, then there will be a loss which is in % = (%x%) / 100

11. Two successive discounts of X% and Y% are equivalent to a single discount % of (X+Y) - ((XxY)/100)

12. Marked Price x Product of the balances of the discounts = Selling price to the seller or Cost price to the buyer.

13. Discount = Rebate = Concession = Reduction = Off  [all are same]

14. Different names of marked price : Label price, Labelled price, Printed price, Tag price, Announced price, Written price, Market price, List price, Original price etc.

15. Profit % after giving X% discount on the price which is Y% above the C.P = - X + Y + ((-X) (Y)) / 100

16. The % of the C.P at which the labelled price be marked to get P% profit after giving d% discount = (100+P)/X1

Where X1 = balance % of the discount => MP = ((100+P)/X1)% of CP

17. The % above which the CP be marked to get P%  profit after giving d% of discount = ((100+P)/X1) - 100

where X1 = balance % of the discount 

18. If one sells the goods at cost price, but gives X grams instead of 1 KG, where X <1kg complete="" nbsp="">
the Gain % = ((1000- X)/X) x 100   (or)
 
Gain % = (M/C) x 100,

where M = Weight retained by the Merchant and C  = Weight given to the Customer 

19. The price per unit after the change in the price = (%/100) x (Amount/Change)

20. The price per unit before the change in the price = ((%/100+or-%)) x (Amount /Change)

Profit & Loss : Examples and Practice Problems

Model 1 :

1.  An article is bought for Rs. 600 and sold for Rs. 750. Find the gain % ?
   1. 20
   2. 25
   3. 27.5
   4. 30
   5. None of these 

Solution :

Cost Price (CP) = 600
Selling Price (SP) = 750

Gain % = (Gain/CP) x 100

=> (150/600) x 100 = 25%

Practice Problems on Model 1

1. An article is bought for Rs. 16000 and sold for Rs. 1760. Find the gain %
   1. 20
   2. 15
   3. 10
   4. 12
   5. None of these 
2. An article is bought for Rs. 2600 and sold for Rs. 3120. Find the gain %
   1. 20
   2. 25
   3. 15
   4. 10
   5. None of these 
3. An article is bought for Rs. 18,600 and sold for Rs. 18,972. Find the gain %
   1. 1
   2. 1.5
   3. 2
   4. 3
   5. None of these 

Model 2 :

1. An article is bought for Rs. 450 and sold for Rs. 400. What is the loss % ?
   1. 11 1/9
   2. 10
   3. 9 1/11
   4. 8
   5. None of these 

Solution :

CP = 450

SP = 400

Loss % = (Loss/CP) x 100 = (50/450) x 100 = 100/9 = 11 1/9

Practice Problems on Model 2

1. An article is bought for Rs. 45000 and sold for Rs. 4250. What is the loss % ?
   1. 11 1/9
   2. 10
   3. 5 5/9
   4. 6
   5. None of these 
2. An article is bought for Rs. 1760 and sold for Rs. 1650. What is the loss % ?
   1. 8 1/3
   2. 12
   3. 12 1/2
   4. 6 1/4
   5. None of these 

Model 3 :

1. A man bought an article for Rs. 640 and sold at a profit of 15%. Find the selling price ?
   1. Rs. 673
   2. Rs. 678
   3. Rs. 736
   4. Rs. 784
   5. None of these 

Solution :

Method 1 :

We all know, 10% of 640 is 64

So, 5% of 640 will be 32

So 15% will be 64+32 = 96

Selling price = Original Price + 15% Price 

= 640 + 96  = 736

Method 2 :

15% = 15/100 = 3/20 Profit -> this means if we buy for Rs. 20, we sell it for 3 rupees profit. 

So, (23/20) x CP = SP

(23/20) x 640 =  736

Practice Problems on Model 3

1. A man bought an article for Rs. 640 and sold at a loss of 15%. Find the selling price ?
   1. Rs. 454
   2. Rs. 545
   3. Rs. 554
   4. Rs. 544
   5. None of these 
2. A man bought an article for Rs. 24680 and sold at a loss of 22.5%. Find the selling price ?
   1. Rs. 5553
   2. Rs. 16780
   3. Rs. 19127
   4. Rs. 18227
   5. None of these 

Model 4 :

1. A plot is bought for Rs. 28,00,000 and sold at a profit of 14 2/7%. Find the selling price in lakhs of Rs. 
   1. 30
   2. 31.5
   3. 32.25
   4. 36
   5. None of these 

Solution :

14 2/7% = 100 / (7x100) = 1/7%

Remember that (Total / Denominator) x CP = SP

=> 8/7 CP = SP

(8/7) x 28,00,000 = 32,00,000

Practice Problems on Model 4

1. A plot is bought for Rs. 28,00,000 and sold at a profit of 10%. Find the selling price in lakhs of Rs. 
   1. 29
   2. 30.4
   3. 31.2
   4. 30.8
   5. None of these 
2. A plot is bought for Rs. 28,60,000 and sold at a profit of 19%. Find the selling price in lakhs of Rs. 
   1. Rs. 5,43,400
   2. Rs. 34,03,400
   3. Rs. 32,25,560
   4. Rs. 36,20,800
   5. None of these 
3. A plot is bought for Rs. 28,80,000 and sold at a loss of 8 1/3 %. Find the selling price. 
   1. Rs. 26,24,000
   2. Rs. 27,20,000
   3. Rs. 26,40,000
   4. Rs. 24,60,000
   5. None of these 

Model 5 :

1. A man sold a box for Rs. 450 at a gain of 25%. Find the cost price ?
   1. Rs. 400
   2. Rs. 425
   3. Rs. 350
   4. Rs. 360
   5. None of these 

Solution :

25% = 1/4 ain

=> 5/4 CP = SP = 450

CP = (4/5) x 450 = 360

Practice Problems on Model 5

1. A man sold a box for Rs. 585 at a loss of 2.5%. Find the cost price. 
   1. Rs. 596
   2. Rs. 600
   3. Rs. 605
   4. Rs. 620
   5. None of these 
2. A man sold a box for Rs. 960 at a gain of 20%. Find the cost price 
   1. Rs. 880
   2. Rs. 840
   3. Rs. 780
   4. Rs. 800
   5. None of these 
3. A man sold a box for Rs. 1221 at gain of 11%. Find the cost price ?
   1. Rs. 1000
   2. Rs. 1010
   3. Rs. 1100
   4. Rs. 1110
   5. None of these 

Model 6 :

1. An article is sold for Rs. 375 at a loss of 6 1/4 %. Find the cost price ?
   1. Rs. 400
   2. Rs. 380
   3. Rs. 381.25
   4. Rs. 360
   5. None of these 

Solution :

6 1/4% = 25/400 = 1/16 

=> 15/16 CP  [Note : for Loss we should write difference / denominator]

=> 15/16 CP = 375

=> CP = 400

Practice problems on Model 6 :

1. An article is sold for Rs. 5250 at a loss of 9 1/11 %. Find the cost price ?
   1. Rs. 5500
   2. Rs. 5575
   3. Rs. 5650
   4. Rs. 5785
   5. None of these 
2. An article is sold for Rs. 1012 at a loss of 4 1/6%. Find the cost price. 
   1. R.s 1056
   2. Rs. 1064
   3. Rs. 1100
   4. Rs. 1122
   5. None of these 
3. An article is sold for Rs. 3225 at a gain of 7 1/2%. Find the cost price ?
   1. Rs. 2800
   2. Rs. 2960
   3. Rs. 3000
   4. Rs. 3050
   5. None of these 

Model 7 :

1. A bought a ring and sold it to B at 10% profit and B sold it to C at a loss of 20%. If C paid Rs. 22,000, for how many Rs. did A buy it ?
   1. Rs. 20,000
   2. Rs. 22,500
   3. Rs. 25,000
   4. Rs. 27,750
   5. None of these 

Solution :

 

Assume that the cost price for A is a 

 

=> a x (110/100) x (80/100) = 22000

 

=> a. 22/25 = 22000

 

=> a = 25000

 

Practice Problems on Model 7 :

1. A bought a ring and sold it to B at 10% loss and B sold it to C at a loss of 10%. If C paid Rs. 29,160, for how many Rs. didi A buy it ?
   1. Rs. 30,000
   2. Rs. 32,500
   3. Rs. 35,000
   4. Rs. 37,750
   5. None of these 
2. A bought a ring and sold it to B at 12% profit and B sold it to C at a loss of 2%. If C paid Rs. 21,952 for how many Rs. did A buy it ?
   1. Rs. 20,000
   2. Rs. 20,500
   3. Rs. 21,000
   4. Rs. 19,600
   5. None of these 
3. A bought a ring and sold it to B at 10% profit and B sold it to C at a profit of 7%. If C paid Rs. 1,31,824, for how many Rs. did A buy it ?
   1. Rs. 1,00,000
   2. Rs. 1,12,000
   3. Rs. 1,20,000
   4. Rs. 1,16,000
   5. None of these 

 

Work with these models and solve the given practice problems. Meanwhile I will post more methods with shortcuts. After completing these problems just REFRESH this page to get more methods. All the Best :)

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