Profit and Loss Questions and Answers

Q21 :

A person sold an article for Rs. 230 and incurred a loss of 8%. In order to earn a profit of 8%, he should sell it for

A

Rs. 238

B

Rs. 248

C

Rs. 254

D

Rs. 270

View Answer

Correct Answer: D

Rs. 270

Description:

$text{C.P. } = frac{230 times 100}{92} = 250$
For 8% profit, S.P. = 250 + 8% of 250 = 270

Q22 :

A person purchased a chair at Rs. 70 and spent Rs. 17 on its repair and 50 paise on cartage. If he sold the chair at Rs. 100, then his approximate margin of profit was:

A

11.25%

B

12.50%

C

13.30%

D

14.30%

View Answer

Correct Answer: D

14.30%

Description:

$begin{aligned} text{Total C.P. of a chair } &= 70 + 17 +0.50 &= 87.50 text{S.P. } &= 100 therefore quad text{ Gain } &= 100 - 87.50 = 12.50 therefore quad text{Gain %} &= frac{text{Gain } times 100}{text{C.P.}} &= frac{12.50 times 100}{87.50} &= 14.30% text{(approx)} end{aligned}$

Q23 :

A man sells an item for Rs. 700 and makes some profit. If he sells it for Rs. 500 his loss is $frac{3}{5}$ of the earlier profit. The cost price of the item is

A

Rs. 575

B

Rs. 600

C

Rs. 650

D

Rs. 625

View Answer

Correct Answer: A

Rs. 575

Description:

Let c.p. be Rs. $x$ and profit be $y$ by question

$700 - x = y$

$500 - x = frac{3}{5}y$

by solving we get $x = text{ Rs. } 575/-$

Q24 :

A man bought Rs. 5000 stock at 95 and sold it when its price rose to $98frac{1}{2}$ . Find his gain:

A

Rs. 165

B

Rs. 157

C

Rs. 175

D

Rs. 180

View Answer

Correct Answer: C

Rs. 175

No Description Available

Q25 :

One kg of rice, one kg of dal and 500 ml of oil costs Rs. 320. Dal costs twice as much as rice. Further, 1000 ml of oil and 2 kgs of rice cost Rs. 480. How much does the dal cost?

A

160

B

120

C

80

D

40

View Answer

Correct Answer: C

80

Description:

Let cost of 1 kg rice $x$

Cost of 1 kg dal $= 2x$
and cost of 1000 ml oil $=y$

According to question $x + 2x + frac{y}{2} = 320$

$frac{2x + 4x + y}{2} = 320$

$6x + y = 640$ ...(i)

and cost of 1000 ml oil and 2 kg rice = 480

$therefore quad y + 2x = 480$ ...(ii)

subtract (ii) from (i), then

$x = 40$

So cost of 1 kg price = 40
and cost of 1 kg pulse = 80

Q26 :

A retailer buys 20 pens for Rs. 40 and sells it at the rate Rs. 40 for 15 pens. What is the profit margin?

A

100%

B

50%

C

33%

D

25%

View Answer

Correct Answer: C

33%

Description:

Cost price of 20 pens = Rs. 40

$therefore$ Cost of one pen $= frac{40}{20} = 2$

So, Cost of 15 pens $= 2 times 15 = 30$

and Saling price of 15 pen = 40

Profit = 40 - 30 = 10

$∴$ Profile margin $= frac{10}{30} times 100$

= 33%

Q27 :

Ram started a shop after investing ₹ 30,000. After two months Shyam invested ₹ 45,000 in the shop and became a partner. After the end of year, there was the profit of ₹ 54,000. What was the profit of Ram ?

A

₹ 24,000

B

₹ 30,000

C

₹ 36,000

D

None of the Above

View Answer

Correct Answer: A

₹ 24,000

Description:

Ratio of dividation of profit between Ram & Shyam
$begin{aligned} & text{Ram} hspace{1.5cm} text{Shyam} & 30times12 hspace{1.1cm} 45times 10 & 12 hspace{1.9cm} 15 & 4 hspace{1cm} : hspace{0.8cm} 5 end{aligned}$
Total profit = 54000
Profit of Ram $= 54000 times frac{4}{9} = 24000$

Profit and Loss Questions Answers