Table of contents |
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Introduction |
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Examples of Profit and Loss |
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To Calculate Selling Price or Cost Price |
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Calculating Profit or Loss Percentage |
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A shopkeeper bought a mobile phone for ₹ 28000 and sold it to you for ₹ 31000. Did he make a profit or a loss?
To determine this, let's understand the basic concepts of Cost Price (C.P.) and Selling Price (S.P.)
Cost Price (C.P.). The price at which an item is purchased.
Selling Price (S.P.). The price at which an item is sold.
Now, coming back to the question, we see that:
Since ₹ 31000 (S.P.) > ₹ 28000 (C.P.), the shopkeeper made a profit.
How much was the profit?
Profit = Selling Price - Cost Price
= ₹ 31000 - ₹ 28000
= ₹ 3000
Therefore, the profit is ₹ 3000 .
Example 1: A shopkeeper bought a mobile phone for ₹ 28,000 and sold it for ₹ 31,000.How much money did he earn as profit?
Ans: Cost Price (C.P.) = ₹ 28,000 Selling Price (S.P.) = ₹ 31,000
Since S.P. > C.P., the shopkeeper made a profit.
Profit = S.P. - C.P.
Profit = ₹ 31,000 - ₹ 28,000 = ₹ 3,000
Example 2: Ms. Shalini bought a bedsheet for ₹ 1,600 and sold it for ₹ 1,350.How much money did she lose?
Ans: Cost Price (C.P.) = ₹ 1,600 Selling Price (S.P.) = ₹ 1,350
Since S.P. < C.P., Ms. Shalini incurred a loss.
Loss = C.P. - S.P.
Loss = ₹ 1,600 - ₹ 1,350 = ₹ 250
Key Points to Remember
Example 3: A board game is bought for ₹853.25 and sold for ₹825.50. Find the profit or loss made.
Ans: To determine if there is a profit or loss, we compare the Cost Price (C.P.) and Selling Price (S.P.).
In this case, since C.P. ( ₹ 853.25 ) > S.P. ( ₹ 825.50 ), it indicates a loss.
To calculate the loss: Loss = C.P. - S.P.
Loss = ₹853.25 - ₹825.50 = ₹27.75
Example 4: A dealer bought 20 TV sets for ₹31500 each, paid ₹3600 as the cartage for all and sold these at ₹35000 each. Find his total profit or loss.
Ans: The dealer sold each TV set for ₹35,000, resulting in a total selling price of ₹700,000 for all 20 sets.
Since the selling price ( ₹700,000 ) is greater than the cost price ( ₹633,600 ), the dealer made a profit.
To calculate the profit: Profit = Selling Price - Cost Price Profit = ₹700,000 - ₹633,600 = ₹66,400
Therefore, the dealer made a profit of ₹66,400 on the sale of the TV sets.
Note on Overheads
Formula 1. When Cost Price and Profit are Given: Selling Price = Cost Price + Profit
Formula 2. When Cost Price and Loss are Given: Selling Price = Cost Price - Loss
Example 5: The cost price of a chair is ₹3120 and is sold by making a profit of ₹580. What is the selling price of the chair?
Ans: Cost Price = ₹ 3120, Profit = ₹ 580
Selling Price = Cost Price + Profit
= ₹ 3120 + ₹ 580 = ₹ 3700
Example 6: A book is bought for ₹97.50 and sold by incurring a loss of ₹12.35. Find the selling price of the book.
Ans: Cost Price = ₹ 97.50, Loss = ₹ 12.35
Selling Price = Cost Price - Loss
= ₹ 97.50 - ₹ 12.35 = ₹ 85.15
Formula 1. When Selling Price and Profit are Given: Cost Price = Selling Price - Profit
Formula 2. When Selling Price and Loss are Given: Cost Price = Selling Price + Loss
Example 7: Bicycle is sold for ₹ 2140 with a profit of ₹ 153. What is the cost price of the bicycle?
Ans: Selling Price = ₹ 2140, Profit = ₹ 153
Cost Price = Selling Price - Profit
= ₹ 2140 - ₹ 153 = ₹ 1987
Example 8: Find the cost price of a pair of slippers sold at ₹ 345 with a loss of ₹ 25.
Ans: Selling Price = ₹ 345, Loss = ₹ 25
Cost Price = Selling Price + Loss
= ₹ 345 + ₹ 25 = ₹ 370
Example 9. A man buys decorated diyas at ₹10 each and sells them at ₹12.50 each. Find his profit per cent on each diya.
Ans: Cost Price (C.P.) of each diya = ₹ 10
Selling Price (S.P.) of each diya = ₹ 12.50
Profit = S.P. - C.P. = ₹ 12.50 - ₹ 10 = ₹ 2.50
Profit Percentage. (Profit / C.P.) × 100 = (₹ 2.50 / ₹ 10) × 100% = 25%
Therefore, the man makes a profit of 25% on selling each diya.
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