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This mock test of Profit And Loss MCQ - 2 for Quant helps you for every Quant entrance exam.
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QUESTION: 1

Arun went to buy an Android mobile, the shopkeeper told him to pay 20% tax if he asked the bill. Arun manages to get the discount of 5% on the actual sale price of the mobile and he paid the shopkeeper Rs. 8550 without tax. Besides he manages to avoid to pay 20% tax on the already discounted price, what is the amount of discount?

Solution:

CP = 100, SP (with tax) =120

New SP = 100 – 5 = 95

Discount = 120 – 95 = 25

Discount = 25/95 * 8550 = 2250

QUESTION: 2

Cost Price of two mobiles is same. One is sold at a profit of 20% and the other for Rs. 5200 more than the first. If the net profit is 40%. Find the cost price of each mobile?

Solution:

CP of each mobile be Rs.x then

(2 x 1.20 x x) + 5200 = 2 x 1.4 x N

⇒ 0.4 x = 5200

∴ N = 13000

QUESTION: 3

Rahul sells his laptop to Ravi at a loss of 20% who subsequently sells it to Suresh at a profit of 25%. Suresh after finding some defect in the laptop, returns it to Ravi but could recover only Rs.4.50 for every Rs. 5 he had paid. Find the amount of Suresh’s loss if Rahul had paid Rs.50,000 for the laptop ?

Solution:

0.50/5 * 50,000 = 5000

QUESTION: 4

A reduction of 20% in the price of sugar enables a housewife to purchase 6 kg more for Rs. 240. What is original price per kg of sugar?

Solution:

Explanation:

Reduction in price = 1/5 = 20%

Increase in Quantity = 25%

25% = 6 Kg.

original amount of Sugar = 6*4 = 24Kg.

Original price of the sugar = 240/24 = Rs. 10 per kg.

QUESTION: 5

A Bike is available at 40% discount at show room “A” and the same is available at only 25% discount at show room “B”. Mr. Arun has just sufficient amount of Rs. 60,000 to purchase it at show room “A”. What is the amount that Mr. Arun has less than the required amount to purchase it at that show room “B”?

Solution:

Let the marked price be x.

Cost price (CP) = 40 % discount on MP = 0.6y = 60000

⇒ y= Rs.100000 MP

SP at Show Room “A” = Rs. 60000

SP at Show Room “B” = 100000 X 0.75 = 75000; Difference = 15000

QUESTION: 6

Person A sold his car to Person B at a profit of 20% and B sold it to C at a profit of 10%. Person C sold it to mechanic at a loss of 9.09%. Mechanic spent 10% of his purchasing price and then sold it at a profit of 8.33% to Person “A” once again. What is the loss of person “A”?

Solution:

CP = 100

SP = 120

B:

CP = 120

SP = 132

C:

CP = 132

SP = 120

Mechanic:

CP = 120 + 12 = 132

SP = 143

Loss of A = 143 – 120 = 23

% loss of A = (23 / 100) x 100 = 23%

QUESTION: 7

A and B are two partners and they have invested Rs. 54,000 and Rs. 90,000 in business. After one year A received Rs 1200 as his share of profit out of total profit of Rs. 4200 including his certain commission on total profit since he is a working partner and rest profit is received by B. What is the commission of A as a percentage of the total profit?

Solution:

Ratio of profit of A : B (excluding commission of A) = 54000 : 90000 =>3 : 5

Now the share of profit of B = 4200 – 1200 = Rs. 3000

So the share of profit A (excluding commission) = Rs. 1800

So the commission of A = 3000 – 1800 = 1200

QUESTION: 8

**A shopkeeper bought 150 pen drives at the rate of Rs. 500 per pen drive. He spent Rs. 500 on transportation and packing. If the marked price of pen drive is Rs. 550 per pen drive and the shopkeeper gives a discount of 5% on the marked price then what will be the percentage profit gained by the shopkeeper?**

Solution:

C.P. of 150 pendrives = 150 x 500 = Rs. 75000

∴ Total C.P. = 75000 + 500 = Rs. 75500

Marked price of 150 pendrive = 150 x 550 = Rs. 82500

Selling price after discount = 82500 x 95 / 100 = Rs. 78375

∴ percentage profit = [(78375 – 75500) / 75500] x 100 = 3.8%

QUESTION: 9

A vendor has two types of grapes. One is the fresh grapes containing 80% water and dry grapes containing 25% water. He sells 20 kg dry grapes, by adding water to the dry grapes, at cost price. What is the total profit percentage when after adding water the weight of 20 kg dry grapes increase in the proportion of water in fresh grapes?

Solution:

Fresh grapes

Water: Pulp = 80% : 20% = 4 : 1

Dry grapes

Water: Pulp = 25% : 75% = 1 : 3

So out of 20 kg dry grapes, Water : Pulp = 5 kg : 15 kg

After adding of water the ratio of water : pulp is same as the fresh grapes = 4 : 1

After adding water the quantity of Water and Pulp are 60 kg and 15 kg respectively.

% = 55/20 * 100 = 275%

QUESTION: 10

Pinkey and Shalini invested some amount of money in the ratio of 3:5 for the same period in the business. They decided that at the end of the year 20% profit was to be given to an organization as a donation. Out of the remaining, 75% was to be reinvested and the rest of the profit was to be divided as interest on their capitals. If the difference in their share is Rs. 2400. What is the total profit?

Solution:

Let the total profit = 100

Amount left after donation = 50

Amount left after reinvestment = 20

Now, 5x/8 – 3x/8 = 2400

⇒ 2x/8 = 2400 = 9600

⇒ 1/5 of y = 9600 => y = 48000

QUESTION: 11

A tradesman marks the price of his goods such that after allowing a discount of 25%, he earns a profit of 40%. What is the marked price of an article whose cost price is Rs.180?

Solution:

S.P = (100+profit%)*cp /100 = 140*180/100 = 252

M.P – 25% of M.P = SP

X – 25/100 X = 252

X = 336

QUESTION: 12

Sriram purchased 40 dozen notebooks at Rs. 50 per dozen. He sold 10 dozens of it at 15% profit and the remaining 30 dozens at 25% profit. What is his percentage profit in the whole transaction?

Solution:

C.P = 4*50 = 2000

S.P = 10*50*115 /100 + 30*50*125/100 = 2450

Profit = 2450- 2000 = 450

Profit% = 450/2000 * 100 = 22.5

QUESTION: 13

A dealer marked the price of an item 20% above cost price. He allowed two successive discounts of 20% and 25% to a customer. As a result he incurred a loss of Rs.812. At what price did he sell the item to the customer?

Solution:

CP = 100

MP = 120

120*80/100 = 96; 96*75/100 = 72

Loss = 100 – 72 = 28%

CP = 100/28*812 = 2900

SP = 2900*72/100 = 2088

QUESTION: 14

An item was bought at Rs. X and sold at Rs.Y, thereby earning a profit of 20%. Had the value of X been 15% less and the value of Y been Rs.60 less, a profit of 20% would have been earned, What was the value of Y ?

Solution:

x(1.2)=y———–1

x(0.85)(1.2)=y-60——————-2

Sub 1 in 2, and solve y

Y=400

QUESTION: 15

**A vendor sold two magazines namely A and B. He sold magazine ‘A’ at a loss of 30% and magazine ‘B’ at a profit of 35% but finally there is no loss or no gain. If the total Selling price of both magazines is Rs.572. Find the difference between the Cost Price of Magazine ‘A’ and ‘B’?**

Solution:

30% of x = 35% of y ; x + y = 572

x/y = 7/6

Difference = Rs.44

QUESTION: 16

A man buys some quantity of rice for Rs 5100. 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:

10………………….X

…………20……………

x-20…………….10

1:2

X=25

QUESTION: 17

Ravi found that he had made a loss of 10% while selling his smartphone. He also found that had he sold it for Rs.100 more, he would have made a profit of 10%. The initial loss was what percentage of the profit earned, had he sold the smartphone for a 10% profit ?

Solution:

Profit= 10%

10% of CP = Rs. 100

CP = Rs. 1000

Now, Loss% = 10%

Loss =Rs. 100

Required % = (100/100)*100 = 100%

QUESTION: 18

A, B and C invests rupees 8000, 12000 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 = 30000*40/100 = 12000

share of B = (40/10)*12000 = 4800

QUESTION: 19

Deepika buys two bangle set for a total cost of Rs. 600. By selling one bangle set for 4/5 of its cost and the other for 5/4 of its cost, She makes a profit of Rs. 96 on the whole transaction. The cost of the lower priced bangle set is?

Solution:

CP of 1st bangle set = x

CP of 2nd bangle set = 600-x

SP of 1st bangle set = 4x/5

SP of 2nd bangle set=(600-X)5/4

Profit=SP-CP

96=4x/5+(600-X)5/4-600

X = 120

**Shortcut:**

-20…………………25

………….16…………………

9………………………36

1 : 4

5 = 600

1 = 120

QUESTION: 20

A milkman buys some milk. If he sells it at rupees 10 a litre, he losses 400 rupees but when he sells it at 12 a litre, he gains 800 rupees. How much milk did he purchase?

Solution:

10x=s-400

12x=s+800

2x=1200

X=600

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