QUESTIONS ON PROFIT AND LOSS SET 2

QUESTIONS ON PROFIT AND LOSSThis post contains few questions on Profit and Loss with explanations given at the end of the page. The Questions from profit and Loss can be asked in IBPS PO, IBPS Clerk, SSC, CDS and other competitive examinations.

Set 2 Questions on Profit and Loss with explanations

 
1. If there is a profit of 20% on the Cost Price of an article, the percentage of profit calculated on its selling price will be –
A.24
B.50/3
C.25/3
D.20

2. A salesman expects a gain of 13% on his cost price. If in a month his sale was ₹7,91,000, what was his profit?
A.₹ 85,659
B.₹ 88,300
C.₹ 91,000
D.₹ 97,786

3. If a shirt costs ₹64 after 20% discount is allowed, what was its original price in ₹?
A.76.80
B.80
C.88
D.86.80

4. If the cost price of 10 articles is equal to the selling price of 16 articles, then the loss per cent is-
A.30 %
B.37.5%
C.42.5%
D.45%

5. The total cost of 8 buckets and 5 mugs is ₹92 and the total cost of 5 buckets and 8 mugs is ₹77. Find the cost of 2 mugs and 3 buckets.
A.₹35
B.₹70
C.₹30
D.₹38

6. If theere is a profit of 20% on the cost price, the percentage of profit on the sale price is
A.50/3%
B.12%
C.46/3%
D.16%

7. If the cost price of 18 articles is equal to the selling price of 16 articles, the gain or loss is
A.25% gain
B.25/2% loss
C.25% loss
D.25/2% gain

8. The owner of a watch shop charges his customers 22%more than the cost price. If a customer paid ₹8,906 for a wrist watch then what was the cost price of the wrist watch?
A.₹7,300
B.₹7,500
C.₹7,700
D.₹7,900

9. The cost price of an item is two-third of its selling price. What is the gain/loss percent on that item?
A.45
B.50
C.35
D.54

10. Vinay sold an item for ₹7,200 and incurred a loss of 20%. At what price should he have sold the item to have gained a profit of 20%?
A.₹10,800
B.₹8,950
C.₹11,200
D.Cannot be determined

11. A, B and C entered into partnership in business A got 3/5 of the profit and B and C distributed the remaining profit equally. If C got ₹ 400 less than A, the total profit was
A.₹1600
B.₹1200
C.₹1000
D.₹800

12. If Suresh sells an article at a price of ₹9300, he incurs a loss of ₹3100. At what price should he sell the article so that he gets a profit of 25%?
A.₹7250
B.₹7350
C.₹7650
D.₹7750
 

Solutions of Questions on Profit and Loss

 
Ques:1) Ans B
Let the Cost Price be ₹100, then Selling Price = ₹120
Gain = SP – CP => 120 – 100 = 20
Gain % = 20/120 x 100 = 50/3%

Ques:2) Ans C
Cost Price = (791000 x 100) / 13 = ₹700000
Gain = 791000 – 700000 = ₹91000

Ques:3) Ans B
Let xbe the cost price of the shirt,
x X 80/100 = 64
x = (64 x 100)/80 = ₹80

Ques:4) Ans 2
Loss percent = (16 – 10)/16 x 100 = 6/16 x 100 = 37.5%

Ques:5) Ans A
Let CP of 1 bucket be x and CP of 1 mug be y
8x + 5y = 92……..(i)
5x + 8y = 77……..(ii)

Multiplying equation (i) by 5 and equation (ii) by 8
40x + 25y – 40x – 64y = 460 – 616
=> -39y = -156
=> y = 4

Therefore 8x + 20 = 92
=>8x = 92 – 20 = 72
=> x = 9
CP of 2 mugs and 3 buckets
= 2 x 4 + 3 x 9 = ₹35

Ques:6) Ans A
Let Cost Price = ₹x
S.P = 120x/100 = ₹6x/5 ; Gain = ₹x/5
Gain Percent = x/5/6x/5 x 100
100/6 = 50/3%

Ques:7) Ans 4
Percentage profit = (18 – 16) / 16 x 100 = 25/2%

Ques:8) Ans A
Let the CP of the wrist watch be ₹x
122% of x = ₹8906
=> 122x/100 = 8906
=>₹(8906 x 100)/122 = ₹7300

Ques:9) Ans B
Let SP be ₹x
CP = 2x/3 ; Gain = x – 2/3x = x/3
Gain percent = x/3 / 2x/3 X 100 = 50

Ques:10) Ans A
CP of article = 7200 x 100/80
=₹9000
SP of article for a gain of 20%
= (9000×120)/100 = 10800

Ques:11) Ans C
Let x be the profit
A’s share in profit = ₹3x/5
B’s share in profit = ₹x/5
C’s share in profit = ₹x/5

(3x/5 – x/5) = 400
=> 2x/5 = 400 ; x = (400×5)/ 2 => ₹1000

Ques:12) Ans D
CP of the article = ₹(9300-3100) =₹6200
SP = (6200×125)/100 = ₹7750