Question

7. A businessman sold a flat making a
profit of 16%. If he had sold the flat for
35,00,000 less, he would have suffered
a loss of 16%. Find the cost price of the
flat.
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..............QUESTION no. 7

Answer 1

Answer:

Here are some tips you should follow:

Cost Price: The price at which an article is bought or purchased is called its cost price. (C.P.)

Selling Price: The price at which an article is sold is called its selling price. (S.P.)

Profit: When an article is sold for more than what it costs, we say that there is a ‘profit’ or gain.

Loss: When an article is sold for less than what it costs , we say that there is a ‘loss’.

When the selling price is equal to the cost price, then there is neither profit nor loss.

We recall a few important facts below:

Profit = Selling Price – Cost Price

Loss = Cost Price – Selling Price

Cost Price = Selling Price – Profit or, Selling Price + Loss

Selling Price = Cost Price + Profit or, Cost Price – Loss

Profit or Loss per cent =

\dfrac{Total \hspace{1mm} profit/loss}{cost \hspace{1mm} price} \times 100

Caution: Profit or loss per cent is never calculated on the number of items sold, but on the cost prices of the items.

In calculating any percentage change, the increase or decrease is expressed as a percentage of the first value. Buying comes before selling , thus, profit or loss is expressed as a percentage of the buying price ( i.e., the cost price ) and not of the selling price.

Overheads – If there are some additional expenses incurred on the transportation , repair etc of an article purchased, they are included in the C.P. of the article and are called ‘overheads’.