Question

EXERCISE 10.I
Complete the following table :
Bought for Overhead C.P.
expenses
S.P. Profit Loss Profit % Loss %
130
10
5000
100
470
4500
7500
900
500
10000
20%
1
(iv)
100​

Answer 1

Answer:

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

Profit and Loss: Solved Examples

Question 1: An article is purchased for Rs. 450 and sold for Rs. 500. Find the gain percent.

Solution:

Gain = SP – CP = 500 – 450 = 50.

Gain% = (50/450)*100 = 100/9 %

Question 2: A man sold a fan for Rs. 465. Find the cost price if he incurred a loss of 7%.

Solution:

CP = [100 / (100 – Loss %)] * SP

Therefore, the cost price of the fan = (100/93)*465 = Rs. 500