Test: Profit and Loss- 5 - CLAT MCQ

# Test: Profit and Loss- 5 - CLAT MCQ

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## 20 Questions MCQ Test Quantitative Techniques for CLAT - Test: Profit and Loss- 5

Test: Profit and Loss- 5 for CLAT 2024 is part of Quantitative Techniques for CLAT preparation. The Test: Profit and Loss- 5 questions and answers have been prepared according to the CLAT exam syllabus.The Test: Profit and Loss- 5 MCQs are made for CLAT 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Profit and Loss- 5 below.
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Test: Profit and Loss- 5 - 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?

Detailed Solution for Test: Profit and Loss- 5 - Question 1

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)

Test: Profit and Loss- 5 - 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?

Detailed Solution for Test: Profit and Loss- 5 - Question 2

(1/3)*4800*110/100 + (2/3)*4800*(x/100) = (120/100)*4800
x = 125 so he should sell the remaining at 25% profit

Test: Profit and Loss- 5 - 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?

Detailed Solution for Test: Profit and Loss- 5 - Question 3

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

Test: Profit and Loss- 5 - 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.

Detailed Solution for Test: Profit and Loss- 5 - Question 4

Total loss after one year = 20000*40/100 = 8000
share of B = (4/10)*8000 = 3200

Test: Profit and Loss- 5 - 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?

Detailed Solution for Test: Profit and Loss- 5 - Question 5

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

Test: Profit and Loss- 5 - 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?

Detailed Solution for Test: Profit and Loss- 5 - Question 6

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

Test: Profit and Loss- 5 - 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?

Detailed Solution for Test: Profit and Loss- 5 - Question 7

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%

Test: Profit and Loss- 5 - 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?

Detailed Solution for Test: Profit and Loss- 5 - Question 8

2000*90/100*92/100 = 1656

Test: Profit and Loss- 5 - 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.

Detailed Solution for Test: Profit and Loss- 5 - Question 9

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′

Test: Profit and Loss- 5 - 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-

Detailed Solution for Test: Profit and Loss- 5 - Question 10

400 = [(100+ 2p)/100]*cp
250 = [(100 + p)/100]*cp
Solve both equation, we will get CP = 100

Test: Profit and Loss- 5 - Question 11

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

Detailed Solution for Test: Profit and Loss- 5 - Question 11

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%

Test: Profit and Loss- 5 - 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?

Detailed Solution for Test: Profit and Loss- 5 - Question 12

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

Test: Profit and Loss- 5 - Question 13

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

Detailed Solution for Test: Profit and Loss- 5 - Question 13

(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 %

Test: Profit and Loss- 5 - 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?

Detailed Solution for Test: Profit and Loss- 5 - Question 14

sp/3 = (70/100)*cp
sp = (210/100)*cp
now profit percent = [[(210/100)*cp – cp]/cp]*100 = 110

Test: Profit and Loss- 5 - 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

Detailed Solution for Test: Profit and Loss- 5 - Question 15

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

Test: Profit and Loss- 5 - 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?

Detailed Solution for Test: Profit and Loss- 5 - Question 16

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

Test: Profit and Loss- 5 - 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.

Detailed Solution for Test: Profit and Loss- 5 - Question 17

cost price of each chair = 250 + 3000/120 = 275
selling price = 400*90/100 = 360
% profit = [(360 – 275)/275]*100

Test: Profit and Loss- 5 - 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 ?

Detailed Solution for Test: Profit and Loss- 5 - Question 18

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

Test: Profit and Loss- 5 - 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.

Detailed Solution for Test: Profit and Loss- 5 - Question 19

Let marked price = 100
90 = (120/100)*cp, cp = 75
Now discount = 20% so, SP = 80
% profit = [(80 – 75)/75]*100 = 20/3

Test: Profit and Loss- 5 - 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%?

Detailed Solution for Test: Profit and Loss- 5 - Question 20

Total cost = 60*7 + 120*8 = 420 + 960 = 1380
sp (per kg) = (1380/180)*120/100 = 9.2

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