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This mock test of Profit And Loss MCQ - 4 for Quant helps you for every Quant entrance exam.
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QUESTION: 1

A man purchases some apples at the rate of 3 for Rs 4 and same quantity at 4 for Rs 7. If he sells all the apples at the rate of 5 for Rs 9, find his gain or loss percent?

Solution:

Let he buys x apples at the rate 4/3 and x apples at the rate of 7/4

so cost price = 4x/3 + 7x/4 = 37x/12

and selling price = (9/5)*2x = 18x/5

% gain = [(37x/12 – 18x/5)/(37x/12)]*100 = 17% (approx)

QUESTION: 2

A man buys some quantity of rice for Rs 4800. He sells one third of it at a profit of 10%. At what percent gain should he sell the remaining two-third so as to make an overall profit of 20% on the whole transaction?

Solution:

(1/3)*4800*110/100 + (2/3)*4800*(x/100) = (120/100)*4800

x = 125 so he should sell the remaining at 25% profit

QUESTION: 3

A dealer sold two ACs at Rs. 5940 each. On selling one AC he gained 10% and on selling the other he lost 10%. Find the dealer’s gain or loss percent?

Solution:

5940 = (110/100)*cp1, cp1 = 5400

5940 = (90/100)*cp2, cp2 = 6600

So, CP = 5400 + 6600 = 12000

And selling price = 5940 + 5940 = 11880

% loss = (120/12000)*100 = 1

QUESTION: 4

A, B and C invests rupees 2000, 8000 and 10000 respectively in a business. At the end of the year the balance sheet shows a loss of 40% of the initial investment. Find the share of loss of B.

Solution:

Total loss after one year = 20000*40/100 = 8000

share of B = (4/10)*8000 = 3200

QUESTION: 5

A shopkeeper buys 60 cycles and marks them at 20% above the cost price. He allows a discount of 10% on the marked price for cash sale and 5% discount for credit sales. If three-fourth of the cycles are sold at cash and remaining for credit, the total profit be Rs. 11400. What is the cost price of a cycle?

Solution:

Marked price = (120/100)*CP

cash sales = 45 and credit sales =15

(120/100)*cp*90/100*45 + (120/100)*cp*95/100*15 – 60*cp = 11400

Cp = 2000

QUESTION: 6

A sold his bike to B at a loss of 20%. B spent rupees 1500 on its repair and sold the bike to C for 42000, thereby making a profit of 5%. Find the cost of bike for A?

Solution:

Cost of A is CP,

cost for B = (80/100)*cp + 1500

selling price of B = 42000 = (105/100)*[(80/100)*cp + 1500] cp = 48125

QUESTION: 7

A wholesaler sells 30 pens at the marked price of 20 pens to the retailer. The retailer in turns sells them at the marked price. Determine the loss or gain percent?

Solution:

SP of 30 pens = MP of 20 pens = x (let it is x)

MP of one pen = x/20, he sells 30 pens at x/20, so SP = 3x/2

Cp =x

So % profit = [(3x/2 – x)/x]*100 = 50%

QUESTION: 8

A defective chair costing rupees 2000 is being sold at 10% loss. If the price is further reduced by 8 percent. Find its approximate selling price?

Solution:

2000*90/100*92/100 = 1656

QUESTION: 9

A person saves 20 percent of his income. If the income of that person increased by 16 percent and he decided to save 25 percent, then find the percent increase in his saving as compared to previous one.

Solution:

Let initial income = 100 so his saving is rupees = 20.

Now his income is 116 and he save = 116*25/100 = 29

So % increase in saving = (9/20)*100 = 45′

QUESTION: 10

The percent profit when an article is sold for rupees 400 is twice than when the same article is sold for 250. The cost price of the article is-

Solution:

400 = [(100+ 2p)/100]*cp

250 = [(100 + p)/100]*cp

Solve both equation, we will get CP = 100

QUESTION: 11

By selling 55 meters of cloth a merchant gains the cost price of 11 meters. Find his gain percent?

Solution:

55sp – 55cp = 11cp, 55sp = 66cp

let cost price is one rupee, then cp of 55 meter of cloth = 55 and sp of 55 meter of cloth = 66

so % profit = (11/55)*100 = 20%

QUESTION: 12

A trader buys 1260 kg of wheat. One-fourth of which he sells at a gain of 5 percent, one-third at a gain of 8 percent and the remaining at a gain of 12 percent. If he had sold the whole lot at a gain of 10 percent, he would have gained Rs 40.95 more. Find the cost price per kg?

Solution:

Let cost price per kg = C, then

[1260*c*110/100] – [(1260/4)*c*105/100 + (1260/3)*c*108/100 + (525*c)*112/100] = 40.95

U will get C = 3

QUESTION: 13

If a trader estimates his loss as 10% of the selling price, what is his real loss percent?

Solution:

(cp – sp)/sp = 10/100

10cp = 11sp, now let cp = 1

So cp of 11 items = 11 and sp = 10, loss percent = (1/11)*100 = 100/11 %

QUESTION: 14

What will be percentage profit after selling an article at a certain price if there is a loss of 30% when the article is sold at 1/3 of the previous selling price?

Solution:

sp/3 = (70/100)*cp

sp = (210/100)*cp

now profit percent = [[(210/100)*cp – cp]/cp]*100 = 110

QUESTION: 15

A dealer sells a table for Rs 460 making a profit of 10%. He sells another table at a loss of 5% and on the whole he makes neither profit nor loss. What did the second table cost him

Solution:

no loss/ no profit means cp = sp i.e. cp1 + cp2 = sp1 + sp2

sp1 = 460 = (115/100)*cp1

sp2 = (95/100)*cp2

(460*100)/115 + cp2 = 460 + (95/100)*cp2

Cp2 = 836.36

QUESTION: 16

A farmer sold a goat and a cow for rupees 800 and got a profit of 20% on goat and 25% on cow. If he sells the goat and the cow for rupees 820, he gets a profit of 25% on goat and 20% on cow. Find the cost price of cow?

Solution:

let cost price of goat = a and cost price of cow = b

800 = (120/100)*a + (125/100)*b

820 = (125/100)*a + (120/100)*b

Solve both equation to get a and b

QUESTION: 17

A shopkeeper bought 120 chairs at the rate of 250 each. He spends 3000 rupees on transportation. He marked the price of each chair at 400 rupee. On the marked price he gives 10% discount, and then find the profit incurred by the shopkeeper.

Solution:

cost price of each chair = 250 + 3000/120 = 275

selling price = 400*90/100 = 360

% profit = [(360 – 275)/275]*100

QUESTION: 18

A milkman buys some milk. If he sells it at rupees 10 a litre, he losses 800 rupees but when he sells it at 12 a litre, he gains 600 rupees. How much milk did he purchase ?

Solution:

let he buys x litres of milk and cost price = c and selling price = s

x*c – x*10 = 800 and x*12 – x*c = 600

add both equation, we get, 2*x = 1400, so x = 700 litres

QUESTION: 19

If a discount of 10 percent is given on the marked price of the article then the seller gains 20 percent profit. Find the percent profit if the article is sold at 20 percent discount.

Solution:

Let marked price = 100

90 = (120/100)*cp, cp = 75

Now discount = 20% so, SP = 80

% profit = [(80 – 75)/75]*100 = 20/3

QUESTION: 20

A t what price must a trader sell the mixture of 60 kg sugar at Rs 7 per kg with 120 kg at Rs 8 per kg to gain 20%?

Solution:

Total cost = 60*7 + 120*8 = 420 + 960 = 1380

sp (per kg) = (1380/180)*120/100 = 9.2

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