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 1st one ‘2x’% above the cost price and offered a discount of ‘4x’%. Also, he marked the 2nd 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.
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Profit and Loss For IBPS RRB FAQ
Profit is the financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes involved in sustaining the business. It is calculated as:
Profit = Selling Price − Cost Price
Loss occurs when the expenses, costs, and taxes of a business exceed the revenue generated. It is the opposite of profit and is calculated as:
Loss = Cost Price − Selling Price
Cost Price (CP) is the amount paid to acquire a product or service.
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