Profit and Loss For IBPS RRB, Check All Details

Profit And Loss For IBPS RRB

The Profit and Loss is an easy topic and also a scoring topic that comes not only in IBPS RRB but also in all banking exams. The concept of profit and loss is an essential topic in the quantitative aptitude section of the IBPS RRB exam. This topic not only helps in scoring well but also helps in solving financial transactions. In this section, we will cover key concepts, formulas, and examples related to profit and loss to help you prepare for the IBPS RRB exam.

Profit and Loss Formula

• Profit = SP – CP
• Loss = CP – SP
• Profit (%) = {Profit/CP} × 100
• Loss (%) = {Loss/CP} × 100
• Discount = Marked Price – Selling Price
• Discount (%) = (Discount/MP) × 100
• SP= [(100+ Gain%)/ 100]x CP
• SP= [(100- Loss%)/ 100]x CP
• CP= [100/ (100+ Gain%)]x SP
• CP= [100/ (100- Loss%)]x SP

Key Concepts for Profit and Loss

Cost Price (CP): The price at which an element is purchased.
Selling Price (SP): The price at which an element is sold.
Profit: When the selling price of an element is higher than its cost price.
Formula: Profit = SP – CP
Loss: When the selling price of an element is lower than its cost price.
Formula: Loss = CP – SP

Practical Question and Answer For Profit & Loss

Question 1: A seller had 2 diamonds with him worth Rs. 60000 and Rs. 70000, respectively. He marked the 1^st one ‘2x’% above the cost price and offered a discount of ‘4x’%. Also, he marked the 2^nd one ‘3x’% above the cost price and offered a discount of ‘2x’%. The sum of the selling prices of the 2 diamonds was Rs. 127690. Find x.

A) 7

B) 2

C) 5

D) 3

E) None of the above

Question 2: A shopkeeper marked an article 60% above cost price and sold it after two consecutive discounts of 10% and 15%, respectively. Find the cost price of the article, if the difference in the marked price and the selling price of the article is Rs. 4,512.

A) Rs. 10,000

B) Rs. 10,500

C) Rs. 11,500

D) Rs. 12,000

E) None of these

Question 3: A shopkeeper bought ‘x’ shirts for Rs. 520 each. Had he sold half the number of shirts at a profit of 25% and rest of the shirts at a profit of 50%, the combined selling price of all the shirts would have been Rs. 8580. If he sold (x – 4) shirts at a profit of 10%, then find the combined selling price of (x – 4) shirts.

A) Rs. 5720

B) Rs. 5148

C) Rs. 4004

D) Rs. 4576

E) None of these

Question 4: A shopkeeper sold an article at a discount of 15% and still earned a profit of 25%. If the cost price of the article was Rs. 1632, then find the marked price of the article.

A) Rs. 2500

B) Rs. 2400

C) Rs. 2250

D) Rs. 2350

E) None of these

Question 5: Alok bought a second – hand printer for Rs. 1750 and spends Rs. (x + 50) on its maintenance and sold it to Akul for Rs. 2520. If he makes a profit of 20%, then find the value of ‘x’.

A) Rs. 200

B) Rs. 250

C) Rs. 300

D) Rs. 350

E) Rs. 400

Question 6: On selling an article for Rs. (x – 800), a shopkeeper incurred a loss equal to half of the profit he would have gained on selling the article for Rs. (x + 700). If to gain a profit of 30%, he needs to sell the article for Rs. 5850, find the value of ‘x’.

A) Rs. 4300

B) Rs. 4800

C) Rs. 5400

D) Rs. 5000

E) None of these

Question 7: On the occasion of Eid, a man bought two goats for Rs. 1200. He sold one goat at a profit of 20% and another one at a loss of 20%. If in the whole transaction, he made a profit of Rs. 60, find the cost price of goat on which he made a profit.

A) Rs. 600

B) Rs. 650

C) Rs. 700

D) Rs. 750

E) Rs. 800

Question 8: Pankaj bought a cycle for some amount, marks it up by 25% and sells it on a discount of 15%. In this process, he makes a profit of Rs. 100. Find at what price Pankaj should have sold the cycle to earn a profit of 10%?

A) Rs. 1265

B) Rs. 1280

C) Rs. 1440

D) Rs. 1600

E) Rs. 1760

Question 9: A shopkeeper marked an article 50% above cost price and sold it after two consecutive discounts of ‘x’% and (x + 5)% respectively. Find the value of ‘x’, if in this transaction he had a loss of 10%.

A) 30%

B) 25%

C) 22.5%

D) 20%

E) None of these

Question 10: A shopkeeper sold an article at a profit of 30%. Had he bought it for Rs. 200 less than the original cost price and sold it for Rs. 110 less than the original selling price, he would have gained 45%. Find his profit percent, if he sells the article for Rs. 1350.

A) 17.5%

B) 10%

C) 15%

D) 12.5%

E) None of these

Solution 1: D)

According to the question,

60000 × [1 + (2x/100)] × [1 – (4x/100)] + 70000 × [1 + (3x/100)] × [1 – (2x/100)] = 127690

6 × [100 + 2x] × [100 – 4x] + 7 × [100 + 3x] × [100 – 2x] = 127690

60000 – 1200x – 48x²+ 70000+ 700x – 42x² = 127690

90x² + 500x – 2310 = 0

9x² + 50x – 231 = 0

On solving, x = 3

Hence, option d.

Solution 2: D)

Let the cost price of the article = Rs. x

So, the marked price of the article = 1.60 × x = Rs. 1.6x

Selling price of the article = 1.6x × 0.90 × 0.85 = Rs. 1.224x

According to question:

1.6x – 1.224x = 4512

0.376x = 4512

x = 12000

So the cost price of the article = Rs. 12,000

Hence, option d.

Solution 3: D)

Total cost price of ‘x’ shirts = Rs. 520x

Total selling price = (520x/2) × 1.25 + (520x/2) × 1.5 = 8580

325x + 390x = 8580

715x = 8580

x = 12 shirts

So, cost price of (x – 4), 8 shirts = 8 × 520 = Rs. 4160

Selling price of 8 shirts combined = 4160 × 1.1 = Rs. 4576

Hence, option d.

Solution 4: B)

Cost price of the article = Rs. 1632

Profit percentage earned by the shopkeeper = 25%

Selling price of the article = 1632 × 1.25 = Rs. 2040

Discount percentage offered by the shopkeeper = 15%

Marked price of the article = 2040/0.85 = Rs. 2400

So, the marked price of the article is Rs. 2400.

Hence, option b.

Solution 5: C)

Cost price of printer for Alok = 1750 + (x + 50) = Rs. (x + 1800)

According to question,

(x + 1800) × 1.2 = 2520

x + 1800 = 2100

x = 300

So, the value of ‘x’ is Rs. 300.

Hence, option c.

Solution 6: B)

Cost price of article = 5850 ÷ 1.3 = Rs. 4500

Loss incurred by shopkeeper = 4500 – (x – 800) = Rs. (5300 – x)

Profit gained by shopkeeper = (x + 700) – 4500 = Rs. (x – 3800)

According to question,

(5300 – x) = (x – 3800)/2

10600 – 2x = x – 3800

3x = 14400

x = Rs. 4800

Hence, option b.

Solution 7: D)

Let, cost price of one goat is Rs. x, so cost price of another goat will be Rs. (1200 – x).

According to question,

1.2x + 0.8(1200 – x) = 1200 + 60

1.2x + 9600 – 0.8x = 1260

0.4x = 300

x = 300/0.4 = Rs. 750

Hence, option d.

Solution 8: E)

Let, cost price of cycle = Rs. x

Marked price of cycle = 1.25 × x

Selling price of cycle = 1.25 × x × 0.85 = Rs. 1.0625 × x

So, according to question,

1.0625 × x – x = 100
0.0625 × x = 100
x = 100 ÷ 0.0625
x = 1600

Therefore, required Selling price = 1.1 × 1600 = Rs. 1760

Hence, option e.

Solution 9: D)

Let the cost price of the article be Rs. 100

So, the marked price of the article = 1.50 × 100 = Rs. 150

Selling price of the article = 150 × (100 – x)/100 × (100 – x – 5)/100 = 100 × 0.90

(100 – x)(95 – x) = 6000

9500 + x² – 195x = 6000

x² – 195x + 3500 = 0

x² – 175x – 20x + 3500 = 0

x(x – 175) – 20(x – 175) = 0

(x – 175)(x – 20) = 0

x = 20, 175

Discount can never be more than 100%.

So, the value of ‘x’ is20%.

Hence, option d.

Solution 10: D)

Let the original cost price of the article be Rs. ‘x’.

Original selling price of the article = 1.30 × x = Rs. 1.3x

Reduced cost price = Rs. (x – 200)

Reduced selling price = Rs. (1.3x – 110)

(x – 200) × 1.45 = 1.3x – 110

1.45x – 290 = 1.3x – 110

0.15x = 180

x = 1200

So, the cost price of the article = Rs. 1,200

Profit earned if sold for Rs. 1,350 = 1350 – 1200 = Rs. 150

Profit percent = (150/1200) × 100 = 12.5%

Hence, option d.

Check Related Blogs For IBPS RRB PO 2024

Check Related Blogs For IBPS RRB Clerk 2024

Profit and Loss For IBPS RRB FAQ

• Sign Up on Practicemock for Updated Current Affairs, Free Topic Tests and Free Mini Mocks
• Sign Up Here to Download Free Study Material