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Profit and Loss Percent

Comparing Quantities II - Concepts

Profit and Loss in Rupees

Profit and Loss Percent

Finding Selling Price

Finding Cost Price

Class - 7th CBSE Subjects

Concept Explanation

Profit and Loss Percent

$Profit ;Percent = frac{Profit}{Cost Price}times 100$

$small Loss ;Percent = frac{Loss}{Cost Price}times 100$

Illustration 1: Rohan sold a book for Rs 60 which he has bought for Rs 50. Find his profit or loss percent

Solution: Cost Price of One book = 50 Rs.

Selling Price of One book = 60 Rs.

As selling price is more than cost price so he is making profit.

Profit = SP -CP = 60- 50 = 10 Rs.

$large small Profit; percent = frac{Profit}{Cost;Price} times 100$

$small Profit; percent = frac{10}{50}times 100= 20%$

Illustration 2: If the C.P.of 25 chairs is equal to the S.P. of 30 chairs, find the loss percent.

Solution: Let the C.P. of each chair be Rs 1. Then,

C.P. of 30 chairs = Rs 30

It is given that,

S.P. of 30 chairs = C.P. of 25 chairs

$Rightarrow$ S.P. of 30 chairs = Rs 25

Clearly, S.P. < C.P.

So, there is loss given by

Loss = C.P. - S.P.

= Rs(30 - 25)

= Rs 5

Now, Loss % = $left ( frac{Loss}{C.P.} times 100 right )%$

$=left ( frac{5}{30} times 100 right )%$

$=16tfrac{2}{3}%$

Illustration 3: Three items are purchased at Rs 450 each. One of them is sold at a loss of 10%. At what price should the other two be sold so as to gain 20% on the whole transaction? What is the gain % on these two items?

Solution: We have, C.P. of one item = Rs 450

$therefore$ S.P. of three items = Rs(3 X 450)

= Rs 1350

Gain on the whole transaction = 20 % of S.P.

= 20% of Rs 1350

$=Rs;left ( frac{20}{100} times 1350right )$

= Rs 270

$therefore$ S.P. of three items = C.P. + Gain

= Rs 1350 + Rs 270

= Rs 1620

It is given that first item is sold at a loss of 10%.

$therefore$ Loss on selling first item = 10% of Rs 450

$=Rs;left ( frac{10}{100} times 450right )$

= Rs 45

$therefore$ S.P. of first item = C.P. - Loss

= Rs 450 - Rs 45

= Rs 405

S.P. of three items is Rs 1620 and the S.P. of first item is Rs 405

$therefore$ S.P. of the remaining two items = Rs 1620 - Rs 405

= Rs 1215

Thus, the other two items should be sold at Rs 1215

C.P. of the remaining two items = Rs(2 X 450) = Rs 900

$therefore$ Gain on the remaining two items = S.P. - C.P

= Rs 1215 - Rs 900

= Rs 315

$therefore$ Gain % on the remaining two items $=Rs;left ( frac{Gain}{C.P.} times 100right )$

$=Rs;left ( frac{315}{900} times 100right )$

= 35%

Sample Questions

(More Questions for each concept available in Login)

Question : 1

Arun sold a book for Rs 100 which he has bought for Rs 50. Find his profit or loss percent.
A. 20% Profit	B. 30% Profit	C. 40% Profit	D. 50% Profit
Right Option : D
View Explanation

Question : 2

Shivani sold a book for Rs 100 which he has bought for Rs 200. Find his profit or loss percent.
A. 40% Loss	B. 40% Profit	C. 50% Loss	D. 50% Profit
Right Option : C
View Explanation

Question : 3

A cycle is sold for Rs. 880 at a loss of 20%. For how much should it be sold to gain 10% ?
A. Rs. 1400	B. Rs. 1210	C. Rs. 1100	D. Rs. 1000
Right Option : B
View Explanation