Profit and Loss Practice Questions

1) Question: A shepherd buys two watches for Rs. 1500. He sells the first watch at a profit of 22% and the second watch at a loss of 8%. What is the CP of the second watch if there is no profit and no loss in the whole transaction?
A.Rs.1100
B.Rs.1200
C.Rs.1300
D.Rs.1500 

Answer: A

Solution: 
Let the cost price of the first watch = Rs.100x
Cost price of second watch = Rs.(1500 – 100x)
No profit and no loss means the cost price must be equal to selling price
[100x × (122/100)] + [(1500 – 100x) x (92/100)] = 1500
122x + 1380 - 92x = 1500
30x = 120 =》x = 4
Cost price of second watch = 1500 – (4×100) =Rs.1100

2) Question: A shopkeeper bought a headset for Rs.1000 and the marked price of the headset is x% more than the cost price of the headset and he sold after giving a discount of (x – 30)%, but still obtained a profit of Rs.200. Find the value of x.
A.25
B.30
C.50
D.20 

Answer: C

Solution:

1000 * (100 + x)/100 * (130 – x)/100 = 1200
(100 + x)(130 – x)/10 = 1200
13000 – 100x + 130x – x²  = 12000
x² – 30x – 1000 = 0
x² – 50x + 20x – 1000 = 0
x(x – 50) + 20(x – 50) = 0
x = 50, -20
x = 50 

3) Question: A shopkeeper sold a book for Rs.2400 and incurred a profit of Rs.x. If he sold the same book for Rs.1750 and incurred a loss of Rs.(x150), then find the cost price of the book.
A.Rs.2200
B.Rs.1900
C.Rs.2000
D. Rs.1800

Answer: C

Solution: 

According to the question,
2400 – x = 1750 + (x – 150)
2400 – 1750 = 2x – 150
2x = 650 + 150
x = 800/2
x = 400
The cost price of the book = 2400 – 400 = Rs.2000

4) Question: The marked price of article A is 90% of the marked price of article B and the ratio of the selling price of articles A and B is 6:5. The discount amount of article A is Rs.110 less than the discount amount of article B. If the selling price of article A is Rs.360, then find the marked price of article B.
A.Rs.320
B.Rs.400
C.Rs.500
D.Rs.480 

Answer: C

Solution:

The selling price of article B = 360 * 5/6 =
Rs.300
The marked price of article A = 9x
The marked price of article B = 10x
9x – 360 + 110 = 10x – 300
x = 50
Required answer = 10 * 50 = Rs.500

5) Question: A shopkeeper marked the price of an article at 25% above its cost price and gives two successive discounts of 15% and Rs.120. If he gets a profit of Rs.180, then find the selling price of the article.
A.Rs.4980
B.Rs.5180
C.Rs.4180
D.Rs.4680

Answer: A

Solution:

CP = 4x
MP = 4x * 125/100 = 5x
5x * 85/100 – 120 = 4x + 180
0.25x = 300
x = 1200
SP = 1200 * 4 + 180 = 4980

6) Question: Reena brought 3 different types of toys whose prices are Rs.50, Rs.20 and Rs.30. The ratio of their quantity is 2 ∶ 4 ∶ 3 respectively. She sells the toys at Rs.33 per toy. What percentage of profit does she make?
A.10%
B.11%
C.12%
D.13%

Answer: A

Solution:

Let the total toys be 9x.
C.P. of 9x toy = (50 × 2x + 20 × 4x + 30 × 3x) =
Rs.270x
S.P. of 9 toy = 33 × 9x = 297x
Profit % = 100 × 27x/270x = 10%

7) Question: The ratio of the marked price and cost price of the mobile is 8:5 and the shopkeeper gives three successive discounts of 15%, 10% and 20% respectively. If the shopkeeper gets the loss of Rs.156, then find the marked price of the mobile?
A.Rs.16000
B.Rs.16500
C.Rs.17000
D.Rs.12000

Answer: D

Solution:

8x * 85/100 * 90/100 * 80/100 = 5x – 156
0.104x = 156
x = 1500
MP of mobile = 1500 * 8 = Rs.12000

8) Question: A shopkeeper bought a table for Rs.x and marked 40% above its cost price and sold it to his friend at a discount of 20%. His friend sold the table for Rs.3080 and earned a 10% profit. Find the value of x?
A.2000
B.2700
C.2500
D.3000

Answer: C

Solution: 

The cost price of the table = x
The selling price of the table by the shopkeeper
= 3080 * 100/110 = Rs.2800
x * 140/100 * 80/100 = 2800
x = Rs.2500

9) Question: M invested 62.5% of the amount invested by N. Profit received by M and N is in the ratio of 3:4 respectively. Find the investment period for M, if N invested for 15 months.
A.12 months
B.16 months
C.18 months
D.28 months 

Answer: C

Solution: 

Let the investment period for M = T months
Amount invested by M: amount invested by N = 5y: 8y
Profit received by M: the profit received by N =3x: 4x
N invested for 15 months
According to the question,
For N,
4x = 8y x 15
x = 30y
For M,
3x = 5y x T
Thus, T = 18 months
The investment time period for M = 18 months

10) Question: The selling price of 8 chairs is equal to the cost price of 10 chairs. If each chair is sold at a profit of 10% and the selling price of 8 chairs is Rs.1760, then find the actual selling price of each chair.
A.Rs.240
B.Rs.400
C.Rs.250
D.Rs.300

Answer: C

Solution: 

The new selling price of each chair = 1760/8 = Rs.220
The cost price of each chair = 220 * 100/110 = Rs.200
The cost price of 10 chairs = 10 * 200 = Rs.2000
The actual selling price of each chair = 2000/8 = Rs.250

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