Question

A carpenter bought a second hand chair for 480 and repainted it which cost him rs50 and sold it for rs 600 did he gain or lose in the whole transaction​

Answer 1

Given :

• The cost price of the second-hand chair = Rs. 480.
• Cost for repainting the chair = Rs. 50.
• The selling price of the second-hand chair = Rs. 600.

To find :

• whether it is gain or loss.

Solution :

➝ Let's find the total cost price in the transaction.

→ Total cost price = Cost Price of the second-hand chair + Cost for repainting the chair

→ Total cost price = 480 + 50

→ Total cost price = 530

∴ The total cost price is Rs. 530.

➝ Now, we can find the gain or loss in the whole transaction.

When Selling price > Cost price, it is gain.

When Cost price > Selling price, it is loss.

Here,

• Selling price > Cost price

So, it is gain here.

→ Gain = Selling Price - Cost Price

= 600 - 530

= 70

• Therefore, the gain in the whole transaction is Rs.70.

Answer 2

Given Data :

Cost of second hand Chair = ₹ 480

Cost of Repainting = ₹ 50

Sold for = ₹ 600

To Find :

Gain or, Loss ?

✪Solution :

Total Cost pruce of that Chair

⇒ Cost of 2ⁿd chair + cost of repainting

⇒ 480 + 50

⇒ ₹ 530

it is Gain here,

∵ Selling Price > Cost Price

Gain = Selling Price - Cost Price

= 600 - 530

= ₹ 70

-----------------------------------------

Extra Information :

Gain% = (Profit x 100)/Cost price

Loss% = (Loss x 100)/Cost Price