Solution:

To find the selling price of the chair, we need to subtract the loss from the cost price.

Given:
Cost price of the chair = ₹1046
Loss = ₹191

We can use the formula:
Selling price = Cost price - Loss

Step 1: Write down the given information:
Cost price = ₹1046
Loss = ₹191

Step 2: Substitute the values in the formula:
Selling price = ₹1046 - ₹191

Step 3: Perform the subtraction:
Selling price = ₹855

Therefore, the selling price of the chair is ₹855.

Explanation:

To solve this problem, we use the formula for finding the selling price. The selling price is the amount at which an item is sold. In this case, the selling price is the amount at which the chair is sold after incurring a loss of ₹191.

The formula for finding the selling price is:
Selling price = Cost price - Loss

We are given that the cost price of the chair is ₹1046 and the loss incurred is ₹191.

To find the selling price, we substitute the given values in the formula:
Selling price = ₹1046 - ₹191

Performing the subtraction, we get:
Selling price = ₹855

Hence, the selling price of the chair is ₹855.

This solution demonstrates the use of the formula to find the selling price when the cost price and loss are given. It highlights the step-by-step process of solving the problem and provides a clear explanation of each step.