Profit and Loss math tricks | profit and loss problems.

Profit and Loss math tricks:

Shopkeepers, Traders, Fruit growers, Vegetable growers, Peddlers buy the goods and sell them to the Customers.

Suppose a fruit grower buys a dozen mango's for 400 Rupee's and sells them to a customer for 600 Rupee's.

* When you buy something, it costs you money. The amount of money for which something is bought is called it's 'cost' or its 'Cost Price'.

The purchase price of a dozen mango's here is rs. 400 i.e. cost price is rs. 400.

* The amount of money for which something is sold is called it's 'Selling Price'.

The selling price of a dozen mango's here is rs. 600.

* If the selling price of a thing is greater than the cost price, then we make a profit.

Profit = Selling price - Cost price.

* Sometimes a  thing has to be sold at less than the cost price because it has become spoilt or old or some better product has come into the market or for some other reasons.

* If the selling price is less than the cost price, we suffer a loss.

Loss = Cost price - Selling price.

Word Problems :

1) Mohanbhai bought 20 dozen mango's at the rate of Rs 200 per dozen. Of these, he sold 16 dozen mango's at Rs 300 per dozen and the rest at Rs 190 per dozen. Did he make a profit or a loss? How much?

Ans. :

Cost price of 1 dozen mango's Rs. 200.

Therefore cost of 20 dozen mango's 20 × 200 = Rs. 4000.

1 dozen mango's sold at Rs 300.

Therefore 16 dozen mango's sold for 16 × 300 = Rs. 4800.

Remaining mango's 20 - 16 = 4 dozen.

Selling price of these 4 dozen mango's 4 × 190 = Rs. 760.

Therefore total selling price of 20 dozen mango's = 4800 + 760 = Rs. 5560.

As the selling price is greater than the cost price, Mohanbhai has made a profit.

Profit = selling price - cost price

           = 5560 - 4000

           = 1560

Therefore there is a profit of Rs 1560.

2) Meena bought 20 liters of milk at Rs 35 per litre. She sold all the milk for Rs. 650. Did she make a profit or a loss? How much?

Ans. :

Cost price of 1 litre milk : Rs 35

Therefore cost price of 20 liters milk : 20 × 35 = Rs. 700

Now, the selling price was Rs. 650.

Here, the selling price is lower than the cost price. It means that Meena has suffered a loss.

Loss = cost price - selling price

         = 700 - 650

         = 50

Therefore suffered a loss of Rs. 50.

Finding the cost price when the selling price and profit or loss are known :

1)Ram sold 20 T-shirt for Rs 200 each. He sold all the T-shirt and made a profit of Rs 2000. Find the cost price of the T-shirt.

Ans. :

Selling price of 1 T-shirt  : Rs 200

Therefore total selling price of 20 T-shirt : 20 × 200 = Rs 4000.

Ram made a profit of Rs 2000.

Cost price = Selling price - profit

                   = 4000 - 2000

                   = 2000

Therefore the cost price of the T-shirt was Rs 2000.

2) If a trader sold 50 pens at Rs 20 each and suffered a loss of Rs 50, what was the cost price of each pen?

Ans. :

Selling price of 1 pen = Rs 20

Therefore total selling price of 50 pens = 50 × 20 = Rs 1000.

The trader suffered a loss of Rs 50.

Cost price = selling price + loss

                    = 1000 + 50

                    = 1050

Now, the cost price of 50 pens was Rs 1050.

Therefore the cost price of 1 pen was = 1050 / 50 = Rs 21

Therefore cost price of each pen Rs 21.

Some important formulae :

1) Profit percent = ( Profit  × 100 ) / Cost Price

2) Loss percent = ( Loss × 100 ) / Cost price

3) Cost price = ( Selling price × 100 ) / (100 + Profit percent )

4) Cost price = ( Selling price × 100 ) / ( 100 - Loss percent )

5) Selling price = ( Cost price ( 100 + Profit percent ) ) / 100

6) Selling price = ( Cost price ( 100 - Loss percent ) ) / 100.

7) If a commodity is sold at x% and y% cumulative, then the equivalent% = ( x + y ) - (xy / 100 ).

Calculate profit or loss percent :

1) A TV was bought for Rs 8000 and sold for Rs 12000. How much profit percentage on TV?

Ans. :

 Profit = Selling price - Cost price

            = 12000 - 8000

            = 4000.

Profit percentage = ( Profit × 100 ) / Cost price

                                = ( 4000 × 100 ) / 8000

                                = 50.

Therefore profit percentage is 50%.

2) If an item is bought for Rs 80 and sold for Rs 60, then what percentage of loss is there?

Ans. :

Loss = Cost price - Selling price

          = 80 - 60

          = 20.

Loss percent = ( Loss × 100 ) / Cost price

                        = ( 20 × 100 ) / 80

                        = 25%

Therefore loss percent is 25%.

3) I earned 12% profit by Selling price a horse for Rs 12320 then find my cost price.

Ans.

Given, Selling price = ₹ 12320 profit = 12%

Therefore,

Cost price = ( selling price × 100 ) / ( 100 + Profit percent )

                   = ( 12320 × 100 ) / (100 + 12 )

                   = ₹ 11000.

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