Can you give me an example where Loss % or Gain% is calculated on SP?
Answers
hi mate,
Answer:
Formulas
Profit % = (Profit/C.P. ) x 100
Loss % = (Loss/C.P.) x 100
C.P. = 100XS.P. / (100–Loss%)
C.P. = 100XS.P. / (100+Profit%)
Basic Definitions and Formulas
Cost price (C.P.): This is the price at which an article is purchased.
Selling price (S.P.): This is the price at which an article is sold.
Profit or Gain: If the selling price is more than the cost price, the difference between them is the profit incurred.
– C.P.
Loss: If the selling price is less than the cost price, the difference between them is the loss incurred.
Formula: Loss = Cost price (C.P.) – Selling Price (S.P.)
Profit or Loss is always calculated on the cost price.
Marked price: This is the price marked as the selling price on an article, also known as the listed price.
Discount or Rebate: This is the reduction in price offered on the marked or listed price.
Below is the list of some basic formulas used in solving questions on profit and loss:
Gain % = (Gain / CP) * 100
Loss % = (Loss / CP) * 100
SP = [(100 + Gain%) / 100] * CP
SP = [(100 – Loss %) / 100]*CP
The above two formulas can be stated as,
If an article is sold at a gain of 10%, then SP = 110% of CP.
If an article is sold at a loss of 10%, then SP = 90% of CP.
CP = [100 / (100 + Gain%)] * SP
CP = [100 / (100 – Loss%)] * SP
=> Ex : A man sells his scooter for Rs 18000 making a profit of 20%. How much did the scooter cost him?
Solution. Let the cost price of the scooter be Rs 100. Then, Profit = Rs 20
S.P. = C.P. + Profit = Rs 100 + Rs 20= Rs 120
Thus, if the S.P. is Rs 120, then C.P. = Rs 120 – 20 = Rs 100
If the S.P. is Rs 18000, then C.P. = Rs (100/120 x 18000) = Rs 15000
Hence, the cost of the scooter = Rs 15000
i hope it helps you.