TISSNET Profit and Loss Questions [Download PDF]

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Question 1: An article was sold at a certain price. Had it been sold at $\frac{4}{5}$ of that price, there would have been a loss of 10%. At what profit percentage was the article sold initially?

a) 10.5

b) 15

c) 12.5

d) 10

1) Answer (C)

Solution:

Let the cost price of article be rs.100 and Profit be x%.

Initially selling price = 100 + 100 \times \frac{x}{100} = 100 + x

loss = 10%

Final SP = $(100 + x) \times \frac{4}{5} = \frac{4(100 + x)}{5}$

100 $\times \frac{90}{100} = \frac{4(100 + x)}{5}$

90 = $\frac{400 + 4x}{5}$

x = 50/4 = 12.5%

Question 2: A dealer allows 25% discount on the marked price of an article and gains 20%. If the cost price of the article increases by 20%, how much discount percentage should he allow on the marked price so as to earn the same percentage of profit as before?

a) 12%

b) 8.5%

c) 10%

d) 7.25%

2) Answer (C)

Solution:

Let the initial cost price of the article be Rs.100.

profit  = 20%

Selling price = 100$ \times \frac{120}{100}$ = 120

Discount = 25%

75% of MRP = 120

MRP = 120$ \times \frac{100}{75}$ = 160

Final cost price = 100 $\times \frac{120}{100}$ = 120

profit = 20%

Selling price = 120 $\times \frac{120}{100}$ = 144

Discount = 160 -144 = 16

Discount% = 16 $\times \frac{100}{160} = 10%$

Question 3: The marked price of an article is ₹250. After allowing two successive discounts of 20% and x% on the marked price, it is sold for ₹185.60. What is the value of x?

a) 8.4%

b) 7.2%

c) 6.8%

d) 7.6%

3) Answer (B)

Solution:

Discount = marked price – selling price = 250 – 185.60 = 64.4

Discount = 250 $\times \frac{20}{100} \times \frac{x}{100}$

64.4 = 50 $\times \frac{x}{100}$

Selling price = marked price $\times \frac{100 – discount}{100}$

185.6 = 250 $\times \frac{100 – 20}{100} \times \frac{100 – x}{100}$

185.6 = 250 $\times \frac{80}{100} \times \frac{100 – x}{100}$

18560 = 25$ \times 8 \times (100 – x)$

x = 100 – 92.8 = 7.2%

Question 4: The marked price of a washing machine is ₹7,200.if it sold for ₹5,512.50 after two successive discounts of x % each . The value of x is

a) 12

b) 12.5

c) 10.5

d) 15

4) Answer (B)

Solution:

As per the given condition in the question,

The marked price of washing machine =7200Rs.

Sold price of washing machine =5512.5Rs

Discount =x%

So, $\dfrac{7200\times (100-x)(100-x)}{100\times 100}=5512.50$

$\Rightarrow \dfrac{72\times (100-x)^2}{100}=5512.5$

$\Rightarrow (100-x)^2=\dfrac{5512.5\times 100}{72}$

$\Rightarrow (100-x)^2=7656.25$

$\Rightarrow 100-x=87.5$

$\Rightarrow x=100-87.5=12.5\%$

Question 5: A person bought an article at 30% discount on its marked price. The person then sold it at 30% profit for ₹427.70. What was the marked price of the article?

a) ₹470

b) ₹450

c) ₹500

d) ₹480

5) Answer (A)

Solution:

Given,  %profit = 30%, S.P. =427.70 rs, discount% = 30%

Let     C.P. of article is x rs.

profit$=30$% of c.p.

profit$=\dfrac{30x}{100}$

profit$=\dfrac{30x}{100}$

profit$=\dfrac{3x}{10}$

profit$=S.P.-C.P.$

$\dfrac{3x}{10}=427.70-x$

$\dfrac{3x}{10}+x=427.70$

$\dfrac{13x}{10}=427.70$

$13x=4277$

$x=\dfrac{4277}{13}$

$x=329$rs.

C.P.= MP-discount

CP=70%OF MP

$329=\dfrac{70MP}{100}$

MP$=\dfrac{329\times100}{70}$

MP=470 rs.

Question 6: On selling an article for ₹115, the gain is 20% more than the loss incurred on selling it for ₹104. If the article is sold for ₹130.80, then the profit percentage is:

a) 25

b) 18

c) 30

d) 20

6) Answer (D)

Solution:

The selling price of article = Rs 115

If selling price would be = Rs 104

then gain = 20 % max

let the Cost price of article Rs $x$

$\Rightarrow\dfrac{115-x}{1} = \dfrac{120}{100} \times \dfrac {x-104}{1} $

$\Rightarrow\dfrac{115-x}{1} = \dfrac{6}{5}\times \dfrac{x-104}{1}$

$\Rightarrow (115-x) \times 5 = 6\times (x-104)$

$\Rightarrow 575-5x = 6x-624 $

$\Rightarrow 11x =1119 $

$\Rightarrow x = 109 $

If selling price would be = 130.80

profit = 130.80-109 = 21.80

then profit % = $\dfrac{21.80} {109} \times 100 $

= 20 % Ans

Question 7: A shopkeeper has announced 40% rebate on the price of TV sets at the time of sale. If a purchaser needs to have a rebate of ₹26,400, then how many TV sets each costing ₹6,000 should he purchase?

a) 9

b) 11

c) 8

d) 12

7) Answer (B)

Solution:

M.P. of 1 TV= 6000rs

rebate on 1 TV= 40%of 6000=2400rs

let he purchases x no of tv’s

rebate on x tv’s=26400

$x\times2400=26400$

$x=\dfrac{26400}{2400}$

$x=11$

Question 8: There is a 15% discounton 8 shirts marked at ₹9,600. How many shirts can be bought with ₹5,100?

a) 4

b) 5

c) 3

d) 6

8) Answer (B)

Solution:

The selling price of 8 shirts = $ 9600 ( 1- \dfrac{15}{100}) Rs$

$\Rightarrow 9600\times \dfrac{85}{100} =8160 Rs$

$\Rightarrow 8160 Rs = 8 shirts$

then 5100 Rs = $ \dfrac{8 \times 5100}{8160} = 5   shirts Ans $.

Question 9: Mangoes are boughtat a rate of ₹10,000 perton. If one-third of the total mangoes are sold at a loss of 4%, then at what price (per ton) should the remaining mangoes be soldso as to gain 30% on the whole transaction?

a) ₹15,000

b) ₹13,500

c) ₹14,700

d) ₹14,600

9) Answer (C)

Solution:

Let, the rest mangoes should be sold at $x$

so In case of first = $\dfrac{1}{3}rd$

selling price = $\dfrac {1}{3}\times 10000 \times\dfrac {96}{100}$

$\Rightarrow \dfrac{9600}{3} $

$\Rightarrow 3200 $

total profit on whole transaction = 30 %

so total selling price = $10000\times \dfrac{130}{100} $

$\Rightarrow 10000\times \dfrac{130}{100}$

$\Rightarrow 13000 Ans $

In case of rest $\dfrac{2}{3}rd$  selling price = 13000-3200 = 9800

hence  $\dfrac{2}{3}x = 9800 $

$\Rightarrow x = 9800 \times \dfrac{3}{2}$

$\Rightarrow x = 14700 Ans $

Question 10: The profit on selling an article for ₹1,100 is equal to three times the amount of loss on selling it for ₹700. To gain 12.5%, the article must be sold for:

a) ₹787.50

b) ₹877.50

c) ₹956

d) ₹900

10) Answer (D)

Solution:

Suppose  cost price (cp) = $x$

then according to question $1100 -x =3 (x-700)$

$\Rightarrow 1100 – x = 3x-2100$

$\Rightarrow 4x = 3200 $

$\Rightarrow x = 800 $

so gain 12.5% profit

profit = $\dfrac {12.5}{100}\times 800 $

$\Rightarrow 100 $

so article must sold = 800 + 100 = 900 Ans

Question 11: If a discount of 10% is allowed on the marked price of an article, a shopkeeper gets a profit of 25%. If he offers a discount of 25% on the marked price of the same article, then his percentage profit/loss will be:

a) $4\frac{1}{6}\%$ profit

b) $4\%$ loss

c) $4\frac{1}{6}\%$ loss

d) $4\%$ profit

11) Answer (A)

Solution:

Let the Market price of the article Rs 100

Discount = 10%

% Selling price = 90 % of Rs 100

$\Rightarrow \dfrac{90}{100} \times 100 $

$\Rightarrow 90 $

profit = 25%

so cost price = $ 90 \times \dfrac{100} {125} $

$\Rightarrow Rs 72 $

Now, if the discount is 25% then

selling price = $ \dfrac{75}{100} \times 100 $

$\Rightarrow 75 $

Required profit % = $\dfrac {75-72} {72 }\times 100$

$\Rightarrow \dfrac{3}{72} \times 100 $

$\Rightarrow \dfrac{25}{6} $

$\Rightarrow 4 \dfrac{1}{6} $ % Ans

Question 12: The marked priceofan article is ₹800. A retailer buys it for ₹540 after getting two successive discounts. The first discount is 25%. What is the second discount?

a) 15%

b) 12%

c) 10%

d) 8%

12) Answer (C)

Solution:

Price after the first discount = $ 800 – \dfrac{25}{100}\times 800 $

$\Rightarrow  Rs 600 $

Let secound discount  = $x$

then    $ 600 – \dfrac{x}{100}\times 600 = 540 $ (according to question)

$\Rightarrow \dfrac{100-x}{100} = \dfrac{540}{600}$

$\Rightarrow 100 – x = 90 $

$\Rightarrow x = 10$ % Ans

Question 13: After allowing 10% discount on the marked price of an article, a person makes a profit of 16%. If the cost price of the article is ₹648, then its marked price is:

a) ₹826.80

b) ₹835.20

c) ₹751.68

d) ₹910.40

13) Answer (B)

Solution:

Let the market price = Rs $x$

given that discount = 10 %

so selling price = Rs $(x – \dfrac{10}{100} of x)$

$\Rightarrow Rs \dfrac{90x}{100} $

again given that profit = 16% and cost price = Rs 648

so selling price = $Rs (648 + \dfrac{16}{100} of 648 ) $

$\Rightarrow Rs \dfrac{116}{100}\times 648 $

By the problem$ \dfrac{116}{100} 648 = \dfrac{90x}{100}$

$\Rightarrow x = \dfrac{116\times 648}{90} $

$\Rightarrow x = Rs 835.2 $Ans

Question 14: The marked price of an article is ₹530. After two successive discounts,it is sold for ₹396.44. If the first discount is 15%, and the second discount is x%, then what is the value of x?

a) 10.5

b) 10

c) 12.5

d) 12

14) Answer (D)

Solution:

Given that market price = Rs 530

After 15% discount = $530 – 530\times \dfrac {15}{100}$

$\Rightarrow Rs 405.5$

After second discount price = 396.44

so second discount = 450.5 – 396.44 =Rs 54.06

so $\dfrac{450.5\times x} {100} = 54.06 $

$Rightarrow \dfrac {540}{450.5}   $

$\Rightarrow 12$% Ans

Question 15: By selling an article for ₹1,134, Anu suffers as much loss as she would have gained by selling it at 10% profit. If she sells it for ₹1,354.50, then her profit percentage is

a) 9

b) 8

c) 8.4

d) 7.5

15) Answer (D)

Solution:

Let the cost price = $x$

So as per question $x – 1134 = \dfrac{10}{100}x $

$\Rightarrow 0.9 x = 1134 $

$\Rightarrow x = 1260 $

Now selling it Rs 1354.5

then % gain = $\Rightarrow {1354.5-1260}{1260} \times 100 $

$\Rightarrow 7.5 $%Ans

Question 16: An article is marked at 100% above its cost price. After allowing two successive discounts of 5% and 20% respectively on the marked price, it is sold at x% profit. What is the value of x?

a) 48

b) 75

c) 72

d) 52

16) Answer (D)

Solution:

Let the Cp(cost price) be = $x$ and  Mp(Marlet price) will be = 2$x$

Accordig to question Two successive discount 5% and 20 %

Selling price (sp) = $ 2 x \times \dfrac{95}{100} \times \dfrac{80}{100} $

$\Rightarrow \dfrac{152}{100}x $

Profit = selling price – cost price =$\dfrac{152}{100}x – x $

$\Rightarrow \dfrac{152x-100x}{100 } = \dfrac{52}{100}x $

$\Rightarrow   value of x = \dfrac { \dfrac {52}{100}x} {x} \times 100 $

value of x =$ \dfrac{52}{100}x \times \dfrac{1}{x} \times 100 $

$\Rightarrow x = 52 $Ans

Question 17: A trader buys an article at 80% of its marked price and sells it at 10% discount on its marked price. His percentage profit is:

a) $10\frac{1}{2}$

b) $10$

c) $12\frac{1}{2}$

d) $15$

17) Answer (C)

Solution:

Let M.p be market price of article

so Cp = $\dfrac{80}{100}\times M.P $

Sp = $ M.P \times \dfrac{90}{100}$

then % profit = $ \dfrac {sp-cp}{cp}\times 100 $

$\Rightarrow \dfrac{10}{80}\times 100 $

$\Rightarrow 12.5 =12\dfrac{1}{2}$ Ans

Question 18: A person sold a chair at a profit of 13%. Had he sold it for ₹607.50 more, he would have gained x%. If the cost price of the chair is ₹3750, then the value of x is:

a) 30

b) 32

c) 28.4

d) 29.2

18) Answer (D)

Solution:

Cost price of chair = Rs. 3750

Selling price after 13 % profit = $\frac{113}{100}\times3750=Rs.$ $4237.50$

According to ques, new selling price = Rs. $4237.50+607.50=Rs.$ $4845$

=> $\frac{4845-3750}{3750}\times100=x$

=> $x=\frac{1095}{37.5}=29.2\%$

=> Ans – (D)

Question 19: Sujatha sold 75% of her goods at a profit of 24% and the remainingat a loss of 40%. Whatis her gain/loss percentage on the whole transaction?

a) 8% gain

b) 10% gain

c) 9% loss

d) 7.5% loss

19) Answer (A)

Solution:

Let total number of goods be 100 and Cost Price of each good = Rs. 100

=> Total cost price = Rs. 10,000

Now, selling price of 75 goods at 24% profit = $75\times(\frac{124}{100}\times100)=Rs.$ $9300$

Similarly, S.P. of 25 goods at 40% loss = $25\times60 = Rs.$ $1500$

=> Total selling price = Rs. 10,800

$\therefore$ Overall Gain % = $\frac{(10800-10000)}{10000}\times100=8\%$

=> Ans – (A)

Question 20: Raghu sold an article for ₹180 after allowing a 20% discounton its marked price. Had he not allowed any discount, he would have gained 20%. What is the cost price of the article?

a) ₹190.40

b) ₹192.80

c) ₹188.60

d) ₹187.50

20) Answer (D)

Solution:

Selling price of article = Rs. 180

Marked price after 20% discount = $\frac{180}{80}\times100=Rs.$ $225$

If there was no discount, then Selling price = Rs. 225

=> Cost price after 20% profit = $\frac{225}{120}\times100$

= $\frac{1125}{6}=Rs.$ $187.50$

=> Ans – (D)

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