: Learn to calculate profit and loss in transactions #IndiaNEWS #Education Today Hyderabad: This new series of articles will focus on profit and loss topic. Here is the introduction to the topic along

Learn to calculate profit and loss in transactions #IndiaNEWS #Education Today
Hyderabad: This new series of articles will focus on profit and loss topic. Here is the introduction to the topic along with practice questions and solutions that will help you in your preparation for the State government recruitment tests.
Profit and Loss
In our day-to-day life we sell and purchase the things as per our requirement.
A customer can get things in the following manner.
Manufacturer (or producer)
Whole-seller (dealer)
(Shop keeper) Retailer (Sales person)
Customer
Formulae:
1. Profit = SP – CP
2. Profit Percentage = Profit / Cost Price × 100%
3. Loss = CP – SP
4. Loss percentage = Loss / Cost Price × 100%
5. SP = {(100 gain% / 100) × CP} = {(100 loss% / 100) × CP}
6. If a shopkeeper sells his goods at a% loss on cost but uses b g instead c g, then his percentage profit or loss is {(100 a)c/b 100}% as sign positive or negative.
7. If a dealer sells his goods at a% profit or loss on cost price and uses b% less weight, then his percentage profit or loss will be {(b a)/100-b × 100%} according to positive and negative signs.
8. If a dishonest trader professes to sell his items at CP but uses false weight, then
Gain% = (Error / True value Error) × 100%
Gain% = (True weight False weight/ False weight) × 100%
9. When two articles are sold at the same price but one of them at a profit and another at a loss and the percentage profit is the same as the percentage loss. In this case, there is always a loss.
loss% = {common gain or loss/10)2
Examples
1. If the cost price is 95% of the selling price, what is the profit percent?
a) 5.26% b) 6.75% c) 7.2% d) 8.5%
Ans: a
Solution: If the cost price be x, then
SP = 100/95x = Rs 20/19 × 100
??? Gain = 20x/19 = Rs x/19 20
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