Question

The difference between C.P and S.P of an article is $2 . Find the loss% on the article if article carry a loss of $2​

Answer 1

Answer:

Your friend gives you Rs. 100 for a pen that you got for Rs. 90. You sell it to him and then buy a cricket bat from him for Rs. 3000. Later you find out that the bat was worth Rs. 2995. Did you lose money or did you make a profit? When you do a business transaction like selling things if you earn some amount in the transaction that amount is called the profit and if you lose some amount then it is called loss.

Step-by-step explanation:

Comparison Using Profit and Loss

Cost Price: The amount paid to purchase an article or the price at which an article is made is known as its cost price. The cost price is abbreviated as C.P.

Selling Price: The price at which an article is sold is known as its selling price. The selling price is abbreviated as S.P.

Profit

If the selling price (S.P.) of an article is greater than the cost price (C.P.), the difference between the selling price and cost price is called profit. Thus, if S.P. > C.P., then

Profit=S.P.–C.P.S.P.=C.P.+ProfitC.P.=S.P.–Profit

Profit Percentage

The profit percent is the profit that would be obtained for a C.P. of Rs 100 i.e,

Profitpercent=(ProfitC.P.)×100

Loss

If the selling price (S.P.) of an article is less than the cost price (C.P), the difference between the cost price (C.P.) and the selling price (S.P.) is called loss. Thus, if S.P. < C.P., then

Loss=C.P.–S.P.C.P.=S.P.+LossS.P.=C.P.–Loss

Loss percentage

The loss percentage is the loss that would be made for a C.P. of Rs 100, that is

Losspercent=(LossC.P.)×100

Neutral Situation

If  S.P. = C.P., then seller neither gain money or lose any.

Solved Examples for You on Profit and Loss

Example 1

A shopkeeper buys a toy for Rs 250 and sells it for Rs 285. Find his gain and gain percent.

Solution: We have, C.P. of the toy =Rs250 and S.P. of the toy = Rs285

Since S.P. > C.P .So, there is profit/gain given by:

Profit=S.P.–C.P.Profit=Rs.285–Rs.250Profit=Rs.35

Now lets calculate gain in percentange:

Profit%=(ProfitC.P.)×100Profit%=(35250.)×100%Profit  

Hence, Gain = Rs 35 and Gain% =14%