Tips and Tricks for Profit, Loss and Discount for SSC CGL Tier 2

Tips and Tricks for Profit, Loss and Discount for SSC CGL Tier 2 – Tips, Tricks and Strategies for Profit, Loss and Discount for SSC CGL Tier 2

Tips and Tricks for Profit, Loss and Discount for SSC CGL Tier 2

Tips and Tricks for Profit, Loss and Discount: Profit, Loss and Discount are important and crucial topics for Quantitative Aptitude or Arithmetic section. You may find that the application of the topic in certain Data interpretation as well. The following blog will help you to prepare well for the topic of Profit, Loss and Discount well . We give a details analysis of Profit, Loss and Discount.

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Profit and Loss: Tips and Tricks for Profit, Loss and Discount

  1. Cost Price and Selling Price:Cost Price is the price at which the article is purchased. It is also called as CP. Cost price is the amount of money that goes out from the customer when a purchase of a particular item is made..
  2. Selling Price: Selling Price is the price at which an article is sold. It is called as SP. Selling price is a amount of money which comes by selling anything.
  3. Profit and Loss:If Selling Price is more than cost price, profit occurs. If selling price is less than cost price, loss occurs. Selling Price is the amount of money that comes in when selling anything. It is price at which is a particular item or article is sold.
  4. Profit: The Selling Price or SP of an item is known as Cost Price or CP. Vendor is said to have Profit or Gain.Profit=Selling Price – Cost PriceSelling Price = Cost Price / Profit

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    Cost Price = Selling Price – Profit

  5. In case of loss:If selling Price or SP of an item is less than Cost Price, the vendor is said to have loss.Loss= Cost Price – Selling PriceSelling Price = Cost Price – LossCost Price = Selling Price – Loss
  6. Profit Percentage and Loss Percentage:

Profit Percentage and Loss Percentage are always calculated on Cost Price unless otherwise stated.

Profit Percentage = Profit * 100/ Cost Price

Selling Price = Cost Price – (Cost Price x Profit Percentage/100)

= Cost Price (100-Profit Percentage)/100

Cost Price = 100*Selling Price / 100- Profit Percentage

Marked Price: Marked Price is the price marked on the label it is known as marked price.

Example: If an object is sold at a profit of 20%, selling price = 120% of cost price

In case of Loss:

Loss Percentage = Loss x 100/ Cost Price

Selling Price = Cost Price – (Cost Price*Loss Percentage /100)

= Cost Priice (100 – Loss Percentage)/ 100

Cost Price = (100x Selling Price) / (100 – Loss Percentage)

7.Selling at Same Price: Suppose, a person sells two objects at the same price, one at profit of of Suppose a person sells two objects at the same price, one at a profit of x1% and another at a profit of x2%. Then,
net profit percentage =100(x1+x2)+2x1x2200+x1+x2
Note:
(a) for loss, use -sign for x1 and/or x2 as applicable.
(b) If the formula evaluates to a -ve value, it means there is a net loss

Formula #1: If Selling Price is more than Cost Price it is called as Profit or Gain. Gain=SP-CP

15% Profit on an item means, that the Cost Price is 100%, Selling Price is 115% and Profit is 15%.

Formula #2: Cost Price is more than selling Price it is called as Loss.

Loss= CP-SP

15% Loss on an item means that the cost price is 100%, selling price is 85% and loss is 15%.

Formula #3: Profit and Loss is always calculated on Cost Price or CP.

Gain%= Gainx100/CP

Example #1:

  1. A Boy purchased an item for Rs. 80 and sold it for Rs. 100. What would be his % profit?

CP Of the item = Rs. 80

SP of the item = Rs. 100

Profit is 100 – 80 = Rs. 20

Profit% = Profit x 100/CP=20×100/80

Example #2:

  1. In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit?
A. 30%
B. 70%
C. 100%
D. 250%

 

  1. Example #3:
    A vendor bought toffees at 6 for a rupee. How many for a rupee must he sell to gain 20%?
A. 3
B. 4
C. 5
D. 6

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Example #4 Proft and Loss with Data Interpretation.

  1. A shopkeeper sells some toys at Rs. 250 each. What percent profit does he make? To find the answer, which of the following information given in Statements I and II is/are necessary?

I. 

Number of toys sold.

 II. 

Cost price of each toy.

A. Only I is necessary
B. Only II is necessary
C. Both I and II are necessary
D. Either I or II ins necessary
E. None of these

Example #5: Proft and Loss

A shopkeeper sells one Radio for Rs. 840 at a gain of 20% and another for Rs. 1056 at a loss of 4%. What would be his total gain or loss percent?

Answer :

CP of First Radio is = 100×840/120=Rs. 700

CP Of second Radio is = 100×1056/96 = Rs. 1100

Total SP = 840+ 1056 = 1896

Profit = 1896 – 1800 = Rs. 96

Profit% = 96×100/1800 = 5.33%

Discount: Tips and Tricks for Profit, Loss and Discount

What is MRP?: Stay tuned for more updates on Profit and Loss

MRP: Marked Retail Price is the price printed on the object being sold. Assume, that the price of the goods is 250

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Discount: Discount is calculated on the MRP. If the discount is 20%, then the seller agrees to reduce the price of the goods by 20%. We assume that the seller is offering a discount of 20%.

Example:

  1. What is the selling Price of the goods for the Vendor ?Discount = 20% off on MRP = 20% of 250 = (20×250)/200=50
  2. What is the selling price of the goods for the Vendor?Selling Price of the object being sold is calculated as SP=MRP -DiscountSP = 2550 – 50 = Rs. 200
  3. What is the Cost price of the goods for the buyer? Cost Price of the Goods is Rs. 200
  4. What is the Selling Price of the Goods ?The goods is costing Rs. 250 for the seller.
  5. What is the Cost Price of the object for the Buyer ?The MRP or Cost Price of the goodss is Rs. 250
  6. What is the Profit for The Seller ? The Seller made a profit for Rs. 50. The goods was procured at a price of Rs. 200 and was sold at Rs. 250.Profit = SP- CP = Rs. 250 – 200 = Rs. 50
  7. What is the Discount given by the Buyer to the Seller? The buyer, gave the seller a discount of 20% or Rs. 50.

Stay tuned for more updates on Tips and Tricks for Profit, Loss and Discount for SSC CGL Tier 2

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