Updated On : June 22, 2023
Reader's Digest: Are you tired of struggling with profit and loss questions in the CLAT aptitude exam 2024? Look no further! Our article contains short tricks and formulas that will skyrocket your problem-solving skills. Don't miss out on these invaluable techniques. Read on to ace those CLAT aptitude questions 2024 with ease!
Mathematics is a crucial component of competitive exams, and it's no different for the CLAT Aptitude Test 2024. One common topic that appears in almost all these exams is profit and loss.
Many of you may face challenges when tackling questions related to this topic. But do not worry!
There are a few handy techniques that can help you solve profit and loss questions in just a few seconds. Curious to know how?
Well, keep reading this post, and you'll gain valuable insights into some nifty shortcuts for tackling profit and loss problems in CLAT aptitude exam.
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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.
Scroll down to learn short tricks to solve profit loss questions in the aptitude exams.
Before diving into the realm of short tricks for calculating costs, profits, and discounts, let's familiarize ourselves with some basic concepts and formulas. Understanding these fundamental terms will provide a solid foundation for mastering the shortcuts later on.
1. Cost Price (CP):
The Cost Price refers to the price at which an item is purchased. This value can be further classified into two types:
a) Fixed Cost:
The Fixed Cost is a constant price that remains unchanged under any circumstances. It does not fluctuate based on the number of units.
b) Variable Cost:
On the other hand, the Variable Cost can vary depending on the number of units. As the quantity increases or decreases, the cost also changes accordingly.
2. Selling Price (SP):
The Selling Price represents the price at which an item is sold. It is the amount that a customer pays to acquire the product or service.
3. Profit or Gain (P):
Profit or Gain is the positive financial outcome achieved when the Selling Price exceeds the Cost Price. In simple terms, if you sell an item for more than what you paid for it, the difference between the Selling Price and the Cost Price is considered profit.
4. Loss (L):
Conversely, Loss occurs when the Selling Price is less than the Cost Price. In such cases, the difference between the Selling Price and the Cost Price represents the loss incurred.
5. Marked Price (MP):
The Marked Price, also known as the Listed Price, is the price set by shopkeepers or sellers as the original value of the product. It serves as a reference point from which discounts are offered to customers.
6. Discount:
A Discount refers to the reduction in price offered on the Marked Price. It is a deduction made from the original price to incentivize customers and encourage sales.
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To effectively solve profit and loss questions in the CLAT aptitude exam 2024, it is essential to employ some useful tricks. Here are some important math formulas that can help you solve profit and loss problems within 10-15 seconds:
Profit Calculation: Profit (P) = Selling Price (SP) - Cost Price (CP); SP > CP
Loss Calculation: Loss (L) = CP - SP; CP > SP
Profit Percentage: P% = (P/CP) x 100
Loss Percentage: L% = (L/CP) x 100
Selling Price Calculation: SP = [(100 + P%)/100] x CP
Selling Price Calculation (Alternative): SP = [(100 - L%)/100] x CP
Cost Price Calculation: CP = [100/(100 + P%)] x SP
Cost Price Calculation (Alternative): CP = [100/(100 - L%)] x SP
Discount Calculation: Discount = Marked Price (MP) - SP
Selling Price Calculation (Alternative): SP = MP - Discount
Equivalent Loss Percentage: If P% and L% are equal, then %loss = P2/100
Net Percentage Profit or Loss: When the profit is x% and the loss is y%, the net % profit or loss will be: (x - y - xy)/100
Calculation of Actual Cost Price: If a product is sold at x% profit and then again sold at y% profit, the actual cost price of the product will be: CP = [100 x 100 x P/(100 + x)(100 + y)]. In the case of loss, CP = [100 x 100 x P/(100 - x)(100 - y)]
Profit Percentage for False Weight: For false weight, profit percentage will be: P% = (True weight - false weight/ false weight) x 100
Net Percentage Profit with Two Successful Profits: When there are two successful profits, say x% and y%, the net percentage profit equals: (x + y + xy)/100
These profit and loss formulas and tricks can serve as valuable tools for your preparation. It is recommended to take note of these formulas or revisit this article for revision as needed.
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Solving previous years' question papers for the CLAT exam can provide valuable insights into the difficulty level and types of questions asked. Let's take a look at some important profit and loss questions and their solutions.
Question 1:
A dishonest merchant sells his grocery using weights that are 15% less than the true weights and manages to make a profit of 20%. What is his total gain percentage?
Solution:
Let's assume the weight of a grocery bag to be 1 kg. The actual weight, considering the 15% reduction, is 85% of 1000 grams, which equals 850 grams. If we consider the cost price of each gram to be Re. 1, then the cost price of each bag is Rs. 850.
The selling price of 1 kg of bag is 120% of the true cost price. Therefore, SP = 120/100 x 1000 = Rs. 1200.
The gain is calculated as the difference between the selling price and the cost price: Gain = 1200 - 850 = Rs. 350.
Hence, the gain percentage is calculated as (350/850) x 100 = 41.17%.
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Question 2:
A shopkeeper allows a discount of 10% on the marked price and still manages to gain 17% on the whole. What percentage above the cost price did he mark his goods?
Solution:
Let's assume the cost price to be 100. The selling price is then 117 (since the shopkeeper gained 17%).
Let the marked price be represented as x. If a discount of 10% is applied to x, it becomes 90% of x. We have the equation: 90% of x = 117, which can be simplified to x = 130.
Therefore, the shopkeeper marked his goods 30% above the cost price.
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Question 3:
A shopkeeper buys 1 kg of apples for Rs. 100 and sells them for Rs. 120 per kg. What is the profit gained by the shopkeeper?
Solution:
The cost price of the apples is Rs. 100, and the selling price is Rs. 120.
The profit gained by the shopkeeper can be calculated as follows: Profit = Selling Price - Cost Price = Rs. 120 - Rs. 100 = Rs. 20.
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Question 4:
If a pen costs Rs. 50 after a 10% discount, what is the pen's actual price or marked price?
Solution:
Let's assume the marked price to be MP. After a 10% discount, the pen costs Rs. 50.
Using the formula: MP x (100 - 10) / 100 = 50, we can solve for MP:
MP x (90/100) = 50
MP = (50 x 100) / 90
Therefore, the pen's actual price or marked price is Rs. 55.55.
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Question 5:
A man bought some toys at the rate of 10 for Rs. 40 and sold them at 8 for Rs. 35. What is his gain or loss percentage?
Solution:
The cost price of 10 toys is Rs. 40, so the cost price of 1 toy is Rs. 4.
The selling price of 8 toys is Rs. 35, which means the selling price of 1 toy is Rs. 35/8.
The gain is calculated as the difference between the selling price and the cost price of 1 toy: Gain = (35/8) - 4 = 3/8.
Hence, the gain percentage is calculated as [(3/8)/4] x 100 = 9.375%.
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Question 6:
A trader sells 85 meters of cloth for Rs. 8,925 with a profit of Rs. 15 per meter of cloth. What is the cost price of 1 meter of cloth?
Solution:
The selling price of 1 meter of cloth is calculated by dividing the total selling price by the total quantity: SP of 1 meter of cloth = Rs. 8,925 / 85 = Rs. 105.
The cost price of 1 meter of cloth is obtained by subtracting the profit on 1 meter of cloth from the selling price: CP of 1 meter of cloth = Rs. 105 - Rs. 15 = Rs. 90.
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These profit and loss questions cover various scenarios and concepts, providing valuable practice for the CLAT 2024 exam. By solving similar questions, you can enhance your understanding and improve your performance in the exam.
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Now that you have familiarized yourself with the basic concepts and formulas related to profit and loss, it's time to sharpen your problem-solving skills. Here are some tips to help you tackle profit and loss questions more efficiently:
While preparing for the CLAT aptitude exam, it's essential to be aware of common mistakes that students often make when solving profit and loss questions. Avoiding these pitfalls can help you maintain accuracy and avoid unnecessary errors. Here are some common mistakes to watch out for:
By being mindful of these common mistakes and practicing careful calculation techniques, you can minimize errors and maximize your chances of achieving accurate solutions in the CLAT aptitude exam.
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Remember, consistent practice, along with a strong understanding of the concepts and formulas, will help you excel in solving profit and loss questions. Keep revisiting these sections, solve practice problems, and approach each question with confidence. Best of luck in your CLAT aptitude exam preparation!
Frequently Asked Questions
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