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Profit and Loss in maths, know how to calculate it…

Whenever someone invests somewhere, the only thing which is expected in return is the profit. But sometimes the stakes seem to be inverted, and then the investors get loss in return instead of benefit. Life also goes in a somewhat similar manner. But here we will discuss the rules and formulas of “Profit and Loss” of mathematics. The profit and loss of life is said to be beyond the calculation.

To know the profit or loss of a deal, we must know the “cost price” and “selling price” of the thing. “Cost price” is the amount to be paid to purchase an article or the price at which an article is made. Its abbreviation is C.P. “Selling price” is the price at which an article is sold. Its abbreviation is S.P. If the selling price “S.P.” is greater than cost price “C.P.” then the difference between these two is called “Profit”. If S.P. is less than C.P. then the difference between these two is the “Loss” in this deal.

So, when the S.P. > C.P.,
Profit = S.P. – C.P., and 
The Profit %= (Profit/ C.P.) * 100

When the S.P. < C.P.,
Loss = C.P. – S.P., and
The Loss percentage = Loss*100/ C.P.

Example 1 – A shopkeeper buys scientific calculators in bulk for Rs 15 each. He sells them for Rs 40 each. Calculate the profit on each calculator in rupees and as a percentage of the cost price.
(Ans. Profit- Rs 25, Profit%= 166.7%)

Example 2 – If the C.P. of a book is Rs 150 and S.P. is Rs. 137.50, calculate the loss and percentage loss on the book.
(Ans. Loss- Rs 12.50, Loss%= 8.33%)

More questions:

1. A chair was purchased at Rs 470 and sold at a profit of 10 %. Find the selling price of it. (Ans.-Rs 517)

2. A table was bought for Rs 420 and sold at a loss of 15 %. Find the selling price of the table. (Ans.- Rs 357)

3. A chair was sold at the price of Rs 517 at a profit of 10%. Find the cost price of it. (Ans.- Rs 470)

4. A boy sold his toy on a price of Rs 376 at a loss of 6%. Find the cost price of the toy. (Ans.- Rs 400)

5. A person sells two mobile phones for Rs. 1000 each, one at a profit of 10% and other at a loss of 10%. Find the net profit or gain percentage. (Ans. 1% loss)

6. A shopkeeper sells rice using false weights and gains 100/8 % on the cost. what weight has he used as a substitute of kilogram. (Ans.- 888.89 gms)

7. A chair is sold at a profit of 20%. If the cost price and selling price is Rs 200 less, the profit will be 8% more. Find the cost price. (Ans.- Rs 700)

8. If the cost price of 15 tables is equal to the selling price of 20 tables, find the loss percent. (Ans.- 25%)

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