Profit and Loss BankersAdda-2

May 18, 2019 | Author: zaibakhan8 | Category: Percentage, Profit (Accounting), Prices, Sales, Marketing
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PROFIT & LOSS This section is quite interesting. Concepts are simple but Questions are logical.

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Now, let’s answer these quick simple questions based on the above a bove information.

Ques: What is the Cost price of this Novel? Ans: 400Rs Ques: What is the Marked Price of this Novel? Ans: 500Rs Ques: How much is the Markup? M arkup? Ans: Markup is the extra price which is added to the cost price. Markup = 500 - 400 = 100Rs Ques: What is the discount % on this Novel? Ans: 10% Ques: What is the discount in Rs on this Novel?    �

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Ans: 10% of 500 = 50Rs Ques: What is the Selling Price of this Novel? Ans: Selling price is the price at which he bought the Novel after deducting the discount from the Markup Price. SP = MP - Discount = 500-50 = 450Rs Ques: What is the profit in Rs on this Novel? Ans: 50Rs Ques: What is the Profit percent? Ans: 50Rs profit I made on 400Rs Cost Price of novel. In percentage, Profit % = [50/400]*100 = 12.5% Ques: What is the maximum discount I could have offered so I had not incurred a loss? Ans: Maximum discount = 500-400 = 100Rs on 500Rs sticker. That means [100/500]*100 = 20% discount. Ques: If I had given him a discount of 25%, would I had incurred a loss? Ans: 25% of 500Rs means [25/100]*500 = 125Rs. Selling price after discount = 500125 = 375Rs. Selling price is lower than Cost price. So, yes, I would have incurred a loss if I had given him 25% discount. Ques: At 25% discount, what should have been the loss percentage? Ans: at 25% discount on 500Rs (means 125Rs discount), my Selling Price would have been 500-125=375Rs. I would have faced a loss of 400-375 = 25Rs on my 400Rs cost price Novel. Loss% would have been = [25/400]*100 = 6.25%

Feel all this stuff before going any further…

Let’s now deduce some formulae (note all these down in your copy)

CP = Cost Price SP = Selling Price When SP < CP  Loss = CP - SP When SP > CP  Profit = SP - CP 

Note:Loss% and Profit% both are calculated upon CP 

Profit% = [Profit/CP] * 100



Loss% = [Loss/CP] * 100

Now, some more general things we can deduce...    �

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(1) When profit% is given, say, 10% profit Then SP becomes [100+profit%] of CP = [100+Profit%]/100 For 10% profit, SP = 110% of CP = [110/100]*CP = 1.1*CP

Means to say, if 10% profit, then we simply do SP = 1.1*CP If CP is given, then SP is calculated, and if SP is given then CP is calculated (CP = SP/1.1)

(2) When loss% is given, say, 10% loss Then again, SP becomes [100-loss%] of CP, again same approach.

For 10% loss, SP becomes 90% of CP = 0.9*CP If CP is given, then SP is calculated, and if SP is given, then CP is calculated (CP = SP/0.9)

Note: Remember these general deductions. These helps a lot in solving questions quickly.

Marked price = Cost price + Markup CP + Markup

=

MP

Always Remember: Markup is extra price on Cost Price. So, Markup is always calculated on CP And %Markup = [Markup/CP]*100 Means to say if 400Rs CP and 100Rs Markup, then MP becomes 500Rs and %Markup becomes [100/400]*100 = 25%

Discount (if SP < MP) = MP - SP i.e. SP = MP - Discount MP

-

Discount = SP

Always Remember: Discount is deducted from Marked Price. So, Discount is always calculated on MP And %Discount = [Discount/MP]*100 Means to say, if 500Rs is MP and 50Rs is discount, then discount% = [50/500]*100 = 10%

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General Notes: Like SP and CP relation, SP and MP relations is also calculated using the same approach. I.e. if 10% discount is there, then SP becomes [100-discount%] of MP, means SP = 90% of MP, means SP = 0.9*MP So, if MP is given, we can calculate SP and if SP is given, then MP is calculated (MP = SP/0.9)

Needless to tell you to note it down as this also helps in solving questions quickly!

More Notes: (1) If markup is there and after discount, there is a profit, then: CP < SP < MP (2) If markup is there and after discount, there is no profit no loss, then: CP = SP < MP (3) If markup is there and after discount, there is a loss, then, SP < CP < MP

Practice these concepts with this question!!

Quiz Ques 1: Using CP = 400Rs Markup% = 20% Profit% = 7.5% Find these values:

(a) Markup, (b) Market Price, (c) Profit, (d) Selling Price, (e) Discount Price, (f) Discount% Solve this question before going any further. (Answer to this Question after 1 hour)

Now let’s see a few quick ones that comes many a times in exams.

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Ques1: If Cost price of 15 apple is equal to Selling price of 20 apples, what is the gain or loss percent? Ans: CP of 15 apple = SP of 20 apple Means, CP*15 = SP*20 Means CP/SP = 20/15 = 4/3 Clearly, CP > SP, means loss is there If CP is 4 Rs, SP is 3 Rs  

loss is 1 on CP of 4 Rs Loss % = [1/4] * 100 = 25%

Ques2: By selling 8 bananas a fruit seller gains the selling price of 1 banana. Calculate his profit percent. Ans: Let SP of 1 banana = 1 Rs Means SP of 8 banana will be 8 Rs Profit on SP of 8 Rs is 1 Rs CP would be 8-1 = 7 Rs On 7 Rs, 1 Rs profit is there

 profit%

= 1/7 * 100 = 14.2857% profit

Note:Profit or loss is always calculated on Cost price!!

Ques3: A trader sells all his books at the cost price but gives 15% less books as he should give. Find his profit percentage? Ans: let 100 books are there. Books left = 15% = 15 books So, books sold = 100-15 = 85 On 85 books sold, he gets 15 books as profit 

Profit % = [books left / books sold]* 100 = [15/85]*100 = 17.64%

Ques 4: A person bought 3 Oranges for 2 Rs and sold 2 Oranges for 3 Rs. Calculate his Profit percentage? Ans: 3 Oranges bought for 2 Rs

 6

Oranges bought for 4 Rs

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2 Oranges sold for 3 Rs

 6

Oranges sold for 9 Rs.

6 Oranges, CP = 4 Rs, SP = 9 Rs 

 Profit

= 5 Rs

Profit Percentage = [5/4]*100 = 125%

Note: Always remember to equate things (Oranges in this case), not money.

Enough learning. Now solve these questions and you completes the concepts of Profit and Loss!! Quiz Ques2:Two articles are sold at the same Selling Price. One at a profit of 75%, and other at loss of 30%. What is the overall profit or loss? Quiz Ques 3:The percentage profits on three articles A, B, and C is 10%, 20% and 25% and the ratio of their cost price is 1:2:4. Also, the ratio of the number of articles sold of A, B and C is 2:5:2.The overall percentage is how much? Quiz Ques 4:CP of 12 articles is equal to SP of 9 articles. Profit on 5 articles is equal to the discount on 10 articles. Find the Markup% and Discount% (Answers to Quiz Questions after 1 hour)

Hope You Enjoyed This Post!! Thank You!!

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