Question

profit and loss definition and example​

Answer 1

Answer:

Profit (P): If a product is sold at a price more than its cost price then the seller makes a profit.

For example, a cow was purchased at Rs 50,000 and a year later it was sold at Rs 55,000 then there is a profit of 5000.

Loss (L): If a product is sold at a price less than its cost price then the seller makes a loss.

For example, a mobile is bought at Rs 10,000 and a year later it was sold for Rs 6,000 then the seller made a loss of Rs 4000.