Question

A shopkeeper sold a chair on rupees 500 and its cost price is 600 how much he is gain or loss find it gain percent or loss percent

Answer 1

sp= 500
Cp= 600

since Cp>Sp, its a loss.
therefore loss %= (Cp-Sp)/Cp (always calculated on Cp.)
=600-500/600
=100/600
=1/6%
=0.16% approx.

Answer 2

Selling Price=RS 500
Cost Price=RS 600

since the sp is smaller than cp,the given condition is a condition of loss

loss=Sp-Cp
=600-500
=100 Rs

$loss \: percent = \frac{loss}{cp} \times 100$
$= \frac{100}{600} \times 100\% \\ = 16.666\%$
there is loss and loss% is 16.666% or 16.67%