Updated On : September 26, 2022
Summary: Either you are a non-math student or a math student, at some point you are going to encounter these topics. So being prepared for mathematics is the best option for you. Here you will find some amazing profit and loss tricks from the mathematics section, that will help you a lot. Keep these profit and loss shortcut tricks in your mind and try to memorize them as well. There are numerous profit and loss formula mentioned in this article that you will find useful for your preparations as well as exams.
Mathematics plays an important role in competitive exams. There are questions based on profit & loss topics in almost all the competitive exams. Most of you might find difficulties while solving questions based on this topic.
Well, there are few techniques that will help you solve profit and loss questions in a matter of seconds. Wondering, how??
Read through the post that will give you a complete insight into short tricks to solve Profit and Loss in Aptitude Exams.
Basic Concepts of Profit and Loss
Short Tricks to Solve Profit Loss Questions in Aptitude Exams
The profit and Loss formula is used to determine the price of an item and understand how profitable a business is.
Every product has a cost price and selling price and based on the values of these prices, you can find out the profit gained or loss incurred on a particular product.
Learning simple techniques and following Maths Preparation Tips for IPM will help manage your time and solve the questions with accuracy in the final exam.
Scroll down to learn short tricks to solve profit loss questions in the aptitude exams.
Before learning short tricks, have a look at the basic concepts and formulas from the post below:
Cost Price (CP): Price at which an item is purchased. This cost price is further classifies into two types.
Selling Price (SP): Price at which an item is sold
Profit or Gain (P): If the selling price is more than the cost price, the difference between them is called profit
Read More: Short Tricks to Prepare for Maths in IPMAT Rohtak
Loss (L): If the selling price is less than the cost price, the difference between them is the loss incurred
Marked Price (MP): The price also known as the listed price is labelled by shopkeepers to offer a discount to the customers
Discount: This is the reduction in price offered on the marked price
Now that you have the basic knowledge of profit and loss, we can move on towards the profit and loss aptitude tricks that you are here for.
Go through the Important Maths Formulas given below to solve problems based on profit & loss within 10-15 seconds.
These profit and loss formula and tricks will be easier for you to make a note of or get back to the site and revise them as well.
Solving Previous years' papers Question Papers for IPMAT will help you know the difficulty level and the type of questions asked in the exam.
Q) A dishonest merchant sells his grocery using weights 15% less than the true weights and makes a profit of 20%. Find his total gain percentage.
Solution:
Let us consider 1 kg of a grocery bag. Its actual weight is 85% of 1000 gm = 850 gm
Let the cost price of each gram be Re. 1. Then the CP of each bag = Rs. 850
SP of 1 kg of bag = 120% of the true CP
Therefore, SP = 120/100 X 1000 = Rs. 1200
Gain = 1200 – 850 = 350
Hence Gain % = 350/850 X 100 = 41.17%
Q) A shopkeeper allows a discount of 10% on the marked price and still gains 17% on the whole. Find at what percent above the cost price did he mark his goods.
Solution:
Let the cost price be 100. Then SP = 117
Let the marked price be x
So, 90% of x = 117 → x = 130
Therefore, he marked his goods 30% above the cost price
Read More: Short Tricks to attempt Multiplication & Division Questions in IPMAT
Q) A shopkeeper has bought 1 kg of apples for 100 rs. And sold it for Rs. 120 per kg. How much is the profit gained by him?
Solution:
Cost Price for apples is 100 rs
The selling Price for apples is 120 rs
Then profit gained by shopkeeper is ;
P = SP – CP
P = 120 – 100 = Rs. 20/-
Q) If a pen costs Rs.50 after a 10% discount, what is the pen's actual price or marked price?
Solution: MP x (100 – 10) /100 = 50
MP x (90/100) = 50
MP = (50 x 100)/90
MP = Rs. 55.55/-
Q) A man bought some toys at the rate of 10 for Rs. 40 and sold them at 8 for Rs. 35. Find his gain or loss percent.
Solution:
Cost price of 10 toys = Rs. 40 → CP of 1 toy = Rs. 4
Selling price of 8 toys = Rs. 35 → SP of 1 toy = Rs. 35/8
Therefore, Gain = 35/8 – 4 = 3/8.
Gain percent = (3/8)/4 X 100 = 9.375%
Q) A trader sells 85 m of cloth for Rs. 8,925 at the profit of Rs. 15/m of cloth. What is the cost price of 1 m of cloth?
Solution:
SP of 1m of cloth = 8925/85 = Rs. 105
CP of 1m of cloth = SP of 1m of cloth - profit on 1m of cloth
= Rs. 105 - Rs. 15
= Rs.90
Frequently Asked Questions
What is the formula of profit percentage?
What is the formula of loss percentage?
Loss%=100XLoss/Cost Price
How can I find profit margin?
What is marked price?
How can I solve profit & loss questions easily in the exam?