Profit and Loss Questions for IBPS PO Prelims
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Question 1: An article was marked 33.33% above its cost price. The article was sold at a 20% discount on the marked price. If the article was sold for Rs.2016, then find out the amount of profit obtained on it.
a) Rs. 134
b) Rs. 148
c) Rs. 126
d) None of the above
1) Answer (C)
Solution:
Let’s assume the cost price of the article is 9y.
An article was marked 33.33% above it’s cost price.
MRP = (4/3) of 9y = 12y
The article was sold at a 20% discount on the marked price.
SP = 12y of 80% = 9.6y
If the article was sold in Rs. 2016.
9.6y = 2016
y = 210
Profit = 0.6y = $210\times0.6$
= Rs. 126
Hence, option c is the correct answer.
Question 2: If an item is sold at a profit of 12.5% then what can be the possible ratio between its selling and cost price respectively?
a) 7:8
b) 9:8
c) 8:9
d) None of the above
2) Answer (B)
Solution:
12.5% is given as ⅛ in fraction, if it is counted on profit then it can be said as the cost price is Rs 8 and the profit is Rs 1, so, the selling price is given as Rs 9.
So the ratio between the selling price and cost price is 9:8.
Question 3: The cost price of 95 oranges is equal to the selling price of 115 oranges. Find the approximate loss percentage.
a) 23.49%
b) 27.68%
c) 19.47%
d) 17.39%
3) Answer (D)
Solution:
Given, 115 SP = 95 CP
$\dfrac{SP}{CP} = \dfrac{95}{115}$
$1-\dfrac{SP}{CP} = 1-\dfrac{95}{115}$
$\dfrac{CP-SP}{CP} = \dfrac{115-95}{115}$
$Loss\% = \dfrac{20}{115}\times100 = 17.391\% \approx 17.39$.%
Question 4: Reshma bought a bag at Rs. 2640 after obtaining a discount of 9.09% from the shopkeeper. If no discount was given by the shopkeeper on that bag’s price and if additional 5% packing charge was taken from her on that bag’s price, then find out the total amount paid by the Reshma to the shopkeeper.
a) Rs. 3049.2
b) Rs. 3187.6
c) Rs. 3463.8
d) Rs. 3721.4
4) Answer (A)
Solution:
Reshma bought a bag at Rs. 2640 after obtaining a discount of 9.09% from the shopkeeper.
Actual price of bag = $2640 \times\frac{11}{10}$ = 2904
If no discount is given by the shopkeeper on that bag’s price and 5% packing charge is taken from her on that bag’s price.
Total amount paid by the Reshma to the shopkeeper = 2904 of 105%
= $2904\times 1.05$
Rs. 3049.2
Hence, option a is the correct answer.
Question 5: P sold a watch to Q at Rs. y. Q sold the same watch to R at 10% loss. R sold the same watch to T at 33.33% profit. If the watch was purchased by T at Rs. 1176 . Then find out the $\frac{11}{7}$ of Rs. y .
a) Rs. 1420
b) Rs. 1860
c) Rs. 1540
d) Rs. 1280
5) Answer (C)
Solution:
y of (100-10)% of (100+33.33)% = 1176
y of 90% of 133.33% = 1176
$y \times 0.9 \times \frac{4}{3} = 1176$
$y \times 3 \times \frac{4}{10} = 1176$
$1.2y = 1176$
y = Rs. 980
$\frac{11}{7}$ of Rs. y = $\frac{11}{7} \times 980$
= Rs. 1540
Hence, option c is the correct answer.
Question 6: Out of total 350 shirts, $\frac{3}{5}$th were sold at a profit of 20% and remaining were sold at the profit of 30%, if all the shirts would have been sold at the profit of 20%, then the total profit would have been Rs 350 less than the earlier profit. Then find the cost price of each shirt.
a) Rs 25
b) Rs 75
c) Rs 125
d) Rs 100
6) Answer (A)
Solution:
According to the question,
Let the cost price of each shirt be Rs x,
Number of shirts sold at a profit of 20% = $\frac{3}{5}$ x 350 = 210
Cost price of 210 shirts = 210x
Selling price = 120% of 210x
Number of shirts sold at a profit of 30% = 350 – 210 = 140
Cost price of 140 shirts = 140x
Selling price = 130% of 140x
Cost price of all the shirt = 350x
selling price = 120% of 350x
So,
120% of 210x + 130% of 140x – 120% of 350x = 350
252x + 182x – 420x = 350
14x = 350
x = 25
Cost price of 1 shirt = Rs 25.
Question 7: An article was sold 12.5% above its Cost Price. If it was sold for Rs.36 less, he would have obtained a loss of 10%. Find the price at which it has to be sold to obtain a gain of 24%.
a) Rs.168.67
b) Rs.196
c) Rs.198.4
d) Rs.184
7) Answer (C)
Solution:
Let the Cost Price of the article be Rs.80x.
Selling Price = 112.5% of 80x = $\dfrac{9}{8}\times80x = Rs.90x$
If it was sold for Rs.36 less, then Selling Price = Rs.90x-36.
Given, Loss = 10%.
Seling price if loss is 10% = 90% of 80x = Rs.72x.
90x-36 = 72x
⇒ 18x = 36
x = 2
Cost Price = 80x = Rs.160.
Required gain = 24%.
Therefore, Selling Price = 124% of 160 = Rs.198.4.
Question 8: An article was sold at a certain price. If it was sold at 16.67% lesser price, there would have been a loss of 20%. Find the profit or loss percentage if it was sold at the original selling price.
a) 3.33% profit
b) 6.25% loss
c) 4% loss
d) 5% profit
8) Answer (C)
Solution:
Let the original selling price be Rs.36x.
If it was sold at 16.67% lesser price,
Selling price = (100-16.67)% of 36x = $\dfrac{5}{6}\times36x = Rs.30x$
Loss = 20%
Cost Price = $\dfrac{30x}{(100-20)\%} = \dfrac{30x}{0.8} = Rs.37.5x$
Loss if it was sold at Rs.36x = $\dfrac{37.5x-36x}{37.5x}\times100 = \dfrac{1.5}{37.5}\times100 = 4$%.
Question 9: The marked price of an article is Rs.19672. It was sold at a discount of 12.5% thereby obtaining a loss of 30%. By what percentage above the Cost Price should it be marked so that after giving the same discount, there would be a profit of 40%.
a) 45%
b) 25%
c) 30%
d) 60%
9) Answer (D)
Solution:
Given, Marked Price = Rs.19672.
Discount = 12.5% of 19672 = Rs.2459.
Selling Price = 19672 – 2459 = Rs.17213.
Given, Loss = 25%.
Then, Cost Price = $\dfrac{17213}{0.7} = Rs.24590$.
Required profit = 40%
Then, Selling Price should be 140% of 24590 = Rs.34426.
Marked Price $\times$ (100-12.5)% = 34426
Marked Price = $34426\times\dfrac{8}{7} = Rs.39344$.
Hence, Required percentage = $\dfrac{39344-24590}{24590}\times100 = 60$%.
Question 10: Three persons A, B and C entered into a partnership. C invested 57.14% less than that of B who invested 44.44% of the total investment. If the profit at the end of the year is Rs.79380, then find the total share of A and B in the profit.
a) Rs.64960
b) Rs.63840
c) Rs.64260
d) Rs.68210
10) Answer (C)
Solution:
Let the total investment be Rs.63x.
B’s investment = 44.44% of 63x = $\dfrac{4}{9}\times63x = Rs.28x$
C’s investment = (100-57.14)% of 28x = $\dfrac{3}{7}\times28x = Rs.12x$
A’s investment = 63x-28x-12x = Rs.23x
Ratio of profits = 23:28:12
Given, Total profit = Rs.79380.
Profit of A and B = $\dfrac{51}{63}\times79380 = Rs.64260$.
Question 11: The Cost Price of 15 items is the same as the Selling Price of 18 items. Find the percentage profit/loss?
a) 15.33% profit
b) 16.67% loss
c) 8.33% profit
d) 12.5% loss
11) Answer (B)
Solution:
Given,
15CP = 18SP
5CP = 6SP
$\dfrac{SP}{CP} = \dfrac{5}{6}$
Subtracting 1 from both sides
$1-\dfrac{SP}{CP} = 1-\dfrac{5}{6}$
$\dfrac{CP-SP}{CP} = \dfrac{1}{6}$
$\dfrac{CP-SP}{CP}\times100 = \dfrac{1}{6}\times100 = 16.67$%.
Hence, Loss = 16.67%
Question 12: What is the marked price of an article if two successive discounts are given to the buyer first of 20% then again of 10% and finally sold at Rs 900?
a) Rs 1000
b) Rs 1250
c) Rs 1200
d) Rs 1350
12) Answer (B)
Solution:
According to the question,
Let the marked price be x
So first after 20% discount = x-20%ofx = 4x/5
Secondly after 10% more discount = 4x/5 – 10% of 4x/5 = 18x/25
So,
18x/25 = 900 hence x =1250
So the marked price is Rs 1250.
Question 13: After a discount of 50% an article is sold at Rs 900. Find the cost price of the article if it’s price is marked at 300%.
a) Rs 675
b) Rs 725
c) Rs 600
d) Rs 800
13) Answer (C)
Solution:
According to the question,
Selling price after 50% discount = Rs 900
We know selling price without discount = marked price
So marked price = 900 + 50% of marked price
Now, let the cost price be Rs x
So marked price = 300% of x
so, 3x = 900+ 50% of 3x ; x = 600
Hence the cost price of the article = Rs 600.
Question 14: When the article is sold at 25% discount its selling price is Rs 1500. What is the selling price of the article when it is sold at 42% discount?
a) Rs 1375.00
b) Rs 1250.50
c) Rs 1087.50
d) Rs 1,160
14) Answer (D)
Solution:
According to the question,
Given selling price of article at 25% discount = 1500
So marked price of article = Rs 2000
So selling price after 42% discount = 2000 – 42% of 2000 = Rs 1,160
Question 15: A dishonest shopkeeper sells rice at cost price but uses a weight of 800gm for a kilo, then what is the profit percent he makes from it?
a) 20%
b) 25%
c) 30%
d) 15%
15) Answer (B)
Solution:
According to the question
Error value =(1000 – 800)gm = 200, true value = 1000gm or 1kg
So we know
Profit % = $(\frac{error}{true value – error})\times 100$
= $\frac{200}{800} \times100$ = 25%
Hence the correct answer is option b.
Question 16: The cost price of 20 plates is the same as the selling price of some plates, if he makes a profit of 25% per plate, then find the number of plates he sells at the cost price of 20 plates?
a) 16
b) 18
c) 15
d) 10
16) Answer (A)
Solution:
According to the question,
Let the cost price of 20 plates be x
So cost price of 1 plate = $\frac{x}{20}$
So selling price of “y” number of plates = x
Selling price of 1 plate = $\frac{x}{y}$
We know,
Selling price of 1 plate = cost price + 25% of Cost price
$\frac{x}{y} = \frac{x}{20} + 25 \% of \frac{x}{20}$ solving this we get y = 16
So he sells 16 plates on the cost of 20 plates.
Instructions
Question 17: The marked price of an article is Rs 1000 and three successive discounts of 20% each are given. What is the profit/loss if the cost price is Rs.500?
a) Rs 14
b) Rs 12
c) Rs 13
d) Rs 11
17) Answer (B)
Solution:
MP=1000
Three successive discounts of 20% each and so SP=1000*(80/100)(80/100)(80/100)
SP=512
Profit=512-500
=12
Hence, option B is the correct answer.
Question 18: Marked price of an article is Rs 480 and cost price of article is marked up by 20%. If the profit percent is 20% then what is the discount offered ?
a) 10
b) 20
c) 30
d) 0
18) Answer (D)
Solution:
MP=480
1.2*CP=480
CP=400
SP=MP-d
SP=480-d
$\frac{480-d-400}{400}\times100$=20
80-d=80
d=0
Hence, option D is the correct answer.
Question 19: A person bought 15 pens at Rs 10 each and sold 5 of them at Rs 8 and other 7 at Rs 12 and remaining at Rs 16. What is the profit/loss percentage ?
a) 13.66%
b) 12.33%
c) 14.66%
d) 12.66%
19) Answer (C)
Solution:
Total cost price=15*10
=150
Total selling price=5*8+12*7+3*16
=40+84+48
=172
Profit percent=$\frac{172-150}{150}\times100$
=14.66%
Hence, option C is the correct answer.
Question 20: Marked price of an article is Rs 400 and a discount of 10% is given. If profit percent is 30% then what is the cost price ?
a) Rs 260
b) Rs 270
c) Rs 285
d) Rs 277
20) Answer (D)
Solution:
MP=400
SP=MP-discount
SP=400*90/100
SP=360
Cost price=360*10/13
Cost price=Rs 277 (approx)
Hence, option D is the correct answer.
