Profit and Loss Questions for TISSNET
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Question 1: Amal buys 110 kg of syrup and 120 kg of juice, syrup being 20% less costly than juice, per kg. He sells 10 kg of syrup at 10% profit and 20 kg of juice at 20% profit. Mixing the remaining juice and syrup, Amal sells the mixture at ₹ 308.32 per kg and makes an overall profit of 64%. Then, Amal’s cost price for syrup, in rupees per kg, is
1) Answer: 160
Solution:
Total syrup – 110 kg
Total juice – 120 kg
It is given, cost price of syrup is 20% less than the cost price of juice.
Let the cost price of juice per kg be 10CP
Cost price of syrup per kg is 8CP
10kg syrup -> cost price = 80CP
It is given, 10kg syrup is sold at 10% profit. This implies selling price = 1.1*80CP = 88CP
20kg juice -> cost price = 200CP
It is given, 20kg juice is sold at 20% profit. This implies selling price = 1.2*200CP = 240CP
It is given, Mixing the remaining juice and syrup, Amal sells the mixture at ₹ 308.32 per kg
Selling price of the remaining mixture = 308.32*200 = Rs 61664
Total S.P = 61664 + 328CP
Total C.P = 880CP + 1200CP = 2080CP
Overall profit = 64%
$61664+328CP=\frac{164}{100}\left(2080CP\right)$
Solving, we get CP = 20
Cost price for syrup per kg = 8CP = 8*20 = Rs 160
Question 2: If the cost price is 80% of the selling price, then what is the profit in percentage?
a) 20%
b) 25%
c) 16%
d) 22.5%
2) Answer (B)
Solution:
Given, cost price is 80% of selling price
C.P = 0.8 S.P
Profit = $\ \frac{\ S.P\ -\ C.P}{C.P}\times\ 100$
= $\ \frac{\ S.P\ -\ 0.8S.P}{0.8S.P}\times\ 100$
=$\ \frac{0.2}{0.8}\times\ 100$
= 25%
Answer is option B
Question 3: If the cost price of 20 articles is equal to the selling price of 25 articles, then the
percentage profit or loss made is_______.
a) 20% profit
b) 25% loss
c) 25% profit
d) 20% loss
3) Answer (D)
Solution:
Let the cost price of one article be C.P and selling price of one article be S.P
It is given that,
20C.P = 25S.P
Loss% = $\ \frac{\ C.P-S.P}{C.P}\times100$ = $\ \ \frac{\ \frac{5}{4}S.P-S.P}{\frac{5}{4}S.P}\times\ 100\ $ = 20%
Answer is option D.
Question 4: Shankar Fertilizer Limited and Shah Fertilizer Limited purchased one packet of Phosphorus each at the same price. Later on GreenP Company purchased both the packets at equal price from Shankar Fertilizer Limited and Shah Fertilizer Limited. But the profit percentage of Shankar Fertilizer Limited was $X$ while that of Shah Fertilizer Limited was $Y$. Shah Fertilizer Limited calculated his profit on the selling price. Thus $Y=45\frac{9}{20}\%$. If the GreenP 20 Company sells one of the packets to Mehrauli Nursery at $X\%$ profit, then what is the cost price for Mehrauli Nursery. while GreenP Company purchased each of the Phosphorus packets at Rs. 330?
a) 726
b) 762
c) 526
d) 584
4) Answer (A)
Solution:
Shankar’s profit% = $\frac{P}{C.P}\times\ 100$ = X
Shah’s profit% = $\frac{P}{S.P}\times\ 100$ = Y
$\ \frac{\ S.P}{C.P}=\frac{X}{Y}$
It is given,
$Y\ =\ \frac{909}{2000}X$
$\frac{X}{Y}\ =\ \frac{2000}{909}$
$\frac{S.P}{C.P}\ =\ \frac{2000}{909}$
$\frac{P}{C.P}\ =\ \frac{1091}{909}$
It is given,
C.P = Rs 330
Profit $P\ =\ \frac{1091}{909}\times\ 330\ \approx\ 396$
The cost price for Mehrauli Nursery = 396 + 330 = Rs 726
Answer is option A.
Question 5: Sui-Dhaga Company has to prepare two special designer dresses for Garba event. Their unique dress designs are always in demand by the young couples who participate in Garba event competitions. The profit contribution of male dress is $75 per unit and the profit contribution of female dress is $80 per unit. Total 7 hours are required to stitch a male-dress and 3 hours are required to stitch a female-dress. Silk required to prepare a male dress and a female dress is 4 meters and 5 meters respectively. To produce the dresses, total available labour hours are 59 and total availability of silk is 60 meters. They would like to produce male and female dresses as per the available resources in such a way so that the total profit gets maximized for the company. What will be total maximum profit earned by the Sui-Dhaga Company?
a) 775
b) 900
c) 1015
d) 1240
5) Answer (C)
Solution:
Let the number of male dresses and female dresses be x and y respectively.
It is given,
4x + 5y = 60
7x + 3y = 59
Solving, we get x = 5 and y = 8
Profit = 75(5)+80(8) = 1015
Answer is option C.
Question 6: Same item is sold for Rs. 600 and Rs. 175, respectively. The profit earned on the first sale is 20 times the loss incurred on the second sale. To make a profit of 30% in the second transaction, at what price the second sale should happen:
a) Rs. 310 approx
b) Rs. 238 approx
c) Rs. 254 approx
d) Rs. 357 approx
6) Answer (C)
Solution:
Let the CP be x
Now as per question, $600-x=20\left(x-175\right)$
21x = 4100
x= 195.24
Therefore, to make a profit of 30% selling price of second article should be = $1.3\times\ 195.24\ =\ 253.81$
Question 7: A shopkeeper marks up the price of the Toor dal by 20% and gives a discount of 10% to thecustomer. Besides, he also tricks 100 grams to his dealer and his customer respectively while buying orselling 1 kilogram of Toor dal. Find the profit percentage of the shopkeeper.
a) 22%
b) 20%
c) 32%
d) 27%
7) Answer (C)
Solution:
Let the cost of 1000gm of dal be rupees 1000
Now the shopkeeper is buying 1100 gm of dal for rupees 1000
While selling 900 gm of dal the shopkeeping is charging the price of 1000 gm
Therefore while selling 1100 gm of dal the shopkeeper will charge the price of (1000/900)*1100 gm = 11000/9 gm
He has marked up the price by 20% and then given a discount of 10%
So price charged by shopkeeper = (11000/9)*1.2*0.9 = 1320
So the shopkeeper is spending rupees 1000 to buy the dal and is selling the same quantity of dal at rupees 1320. Therefore, profit percentage is (320/1000)*100 = 32%
Question 8: Anil, Bobby, and Chintu jointly invest in a business and agree to share the overall profit in proportion to their investments. Anil’s share of investment is 70%. His share of profit decreases by ₹ 420 if the overall profit goes down from 18% to 15%. Chintu’s share of profit increases by ₹ 80 if the overall profit goes up from 15% to 17%. The amount, in INR, invested by Bobby is
a) 2000
b) 2400
c) 2200
d) 1800
8) Answer (A)
Solution:
Let the amount invested by Anil Bobby and Chintu be x, y, and z.
Considering x+y+z = 100*p.
Given Anil’s share was 70 percent = 70*p.
As per the information provided :
His share of profit decreases by ₹ 420 if the overall profit goes down from 18% to 15%.
Since the profits are distributed in the ratio of their investments :
With a 3% decrease in the profits the value of profit earned by A decreased by Rs 420 which was 70 percent of the total invested.
Hence for all three of them would be combinedly losing $\left(420\right)\cdot\left(\frac{10}{7}\right)\ =\ 600$
Hence 3 percent profit was equivalent to Rs 600.
The initial investment is equivalent to Rs 20000.
This is the total amount invested.
Chintu’s profit share increased by Rs 80 when the profit percentage increased by 2 %. A 2 percent increase in profit is equivalent to Rs 20000*2/100 = Rs 400.
Of which Rs 80 is earned by Chintu which is 20% of the total Rs 400.
Hence he invested 20% of the total amount.
Bobby invested the other 10 percent.
10 percent of Rs 20000 = Rs 2000
Question 9: Raj invested ₹ 10000 in a fund. At the end of first year, he incurred a loss but his balance was more than ₹ 5000. This balance, when invested for another year, grew and the percentage of growth in the second year was five times the percentage of loss in the first year. If the gain of Raj from the initial investment over the two year period is 35%, then the percentage of loss in the first year is
a) 5
b) 15
c) 17
d) 10
9) Answer (D)
Solution:
Raj invested Rs 10000 in the first year. Assuming the loss he faced was x%.
The amount after 1 year is 10,000*(1 – x/100). = 10000 – 100*x.
Given the balance was greater than Rs 5000 and hence x < 50 percent.
When Raj invested this amount in the second year he earned a profit which is five times that of the first-year percentage.
Hence the amount after the second year is : (10000 – 100x)(1+$\frac{\left(5\cdot x\right)}{100}$).
Raj gained a total of 35 percent over the period of two years and hence the 35 percent is Rs 3500.
Hence the final amount is Rs 13,500.
(10000 – 100x)(1+$\frac{\left(5\cdot x\right)}{100}$) = 13,500
$\left(100+5\cdot x\right)\cdot\left(100\ -\ x\right)\ =\ 13500$
10000 – 100*x +500*x – 5*$x^2$ = 13500.
$5x^2-400x+3500\ =\ 0$
Solving the equation the roots are :
x = 10, x = 70.
Since x < 50, x = 10 percent.
Question 10: Amal purchases some pens at ₹ 8 each. To sell these, he hires an employee at a fixed wage. He sells 100 of these pens at ₹ 12 each. If the remaining pens are sold at ₹ 11 each, then he makes a net profit of ₹ 300, while he makes a net loss of ₹ 300 if the remaining pens are sold at ₹ 9 each. The wage of the employee, in INR, is
10) Answer: 1000
Solution:
Let the number of pens purchased be n. Then the cost price is 8n. The total expenses incurred would be 8n+W, where W refers to the wage.
Then SP in the first case = $12\times\ 100+11\times\ \left(n-100\right)$
Given profit is 300 in this case: 1200+11n-1100-8n-W=300 =>3n-W = 200
In second case: 1200+9n-900-8n-W=-300 (Loss). => W-n = 600.
Adding the two equations: 2n = 800
n = 400.
Thus W = 600 + 400 = 1000
Question 11: Two fair dices with faces numbered 1 to 6 are thrown and their points are added. Thethrower is given Rs. 40 for a score of 12 and he has to pay Rs. 2 if the score is lessthan 12. What is his expectation about gain or loss per throw?
a) Loss of Rs.$\frac{1}{6}$
b) Gain of Rs.$\frac{1}{6}$
c) Gain of Rs.$\frac{5}{6}$
d) Loss of Rs.$\frac{5}{6}$
11) Answer (D)
Solution:
Probability of getting 12(6,6) = $\frac{1}{6}\cdot\frac{1}{6}=\frac{1}{36}$
Gain or loss per throw = 40($\frac{1}{36}$) + (-2)($\frac{35}{36}$) = $\frac{40}{36}-\frac{70}{36}=-\frac{30}{36}=-\frac{5}{6}$
Loss of Rs $\frac{5}{6}$ for one throw.
Answer is option D.
Question 12: A shopkeeper claims to sell rice at cost price. He uses a false weight with the intention of selling rice at 25% profit. After selling Rice to a customer, he realizes that the customer has paid 10% less than what he should have paid. What is the actual profit percentage made by the shopkeeper?
a) 6.25%
b) 10%
c) 12.5%
d) 15%
12) Answer (C)
Solution:
Let cost price be 1000 per Kg of rice
Now to make 25% profit at 1000
He will sell 800 gm of rice
Now C.P of 800 gm of rice = 800
Now he sold at 10% less than 1000 so S.P = 900
Now therefore profit = $\frac{900-800}{800}\times\ 100\ =\ \frac{100}{8}=12.5\ \%$
Question 13: Mohan bought a trouser at 10% discount and sold it to Sohan at a loss of 10%. If Sohan paid Rs. 729 for the trouser to Mohan, then what was the undiscounted price of the trouser?
a) Rs. 900/-
b) Rs. 800/-
c) Rs. 1000/-
d) Rs. 911.25/-
13) Answer (A)
Solution:
It is given that Mohan bought a trouser at 10% discount and sold it to Sohan at a loss of 10%
Now Sohan paid Rs 729
So S.P for Mohan = 729
This is sold at 10% loss
so cost price of Mohan = 729/0.9 =810
Now Mohan bought for 810 at 10% discount
so original price (1-0.1) =810
We get undiscounted price = 900
Question 14: Anil buys 12 toys and labels each with the same selling price. He sells 8 toys initially at 20% discount on the labeled price. Then he sells the remaining 4 toys at an additional 25% discount on the discounted price. Thus, he gets a total of Rs 2112, and makes a 10% profit. With no discounts, his percentage of profit would have been
a) 50
b) 60
c) 54
d) 55
14) Answer (A)
Solution:
Let the CP of the each toy be “x”. CP of 12 toys will be “12x”. Now the shopkeeper made a 10% profit on CP. This means that
12x(1.1)= 2112 or x=160 . Hence the CP of each toy is ₹160.
Now let the SP of each toy be “m”. Now he sold 8 toys at 20% discount. This means that 8m(0.8) or 6.4m
He sold 4 toys at an additional 25% discount. 4m(0.8)(0.75)=2.4m Now 6.4m+2.4m=8.8m=2112 or m=240
Hence CP= 160 and SP=240. Hence profit percentage is 50%.
Question 15: A man buys 35 kg of sugar and sets a marked price in order to make a 20% profit. He sells 5 kg at this price, and 15 kg at a 10% discount. Accidentally, 3 kg of sugar is wasted. He sells the remaining sugar by raising the marked price by p percent so as to make an overall profit of 15%. Then p is nearest to
a) 22
b) 35
c) 25
d) 31
15) Answer (C)
Solution:
Let the cost price of 1kg of sugar = Rs 100
The total cost price of 35 kg = Rs3500
Marked up price per kg = Rs 120
GIven, the final profit is 15% => Final SP of 35 kg = 3500 *1.15 = Rs 4025
First 5 kg’s are sold at 20% marked up price => $SP_1=5\cdot100\cdot1.2$ = Rs 600
Next 15 kgs are sold after giving 10% discount => $SP_2=15\cdot100\cdot1.2\cdot0.9\ =\ 1620$
3kgs of sugar got wasted
=> 23 kg of sugar was sold at Rs (600 +1620) = Rs 2220
Remaining 12kg should be sold at Rs 4025 – 2220 = Rs1805
=> SP of 1kg = 1805/12 $\simeq\ 150$
Hence, the seller should further mark up by $\frac{\left(150-120\right)}{120}\cdot100\ =\ 25\%$
Question 16: A person spent Rs 50000 to purchase a desktop computer and a laptop computer. He sold the desktop at 20% profit and the laptop at 10% loss. If overall he made a 2% profit then the purchase price, in rupees, of the desktop is
16) Answer: 20000
Solution:
Let the price of desktop and laptop be x,y respectively.
Given,
x+y=50000…(i)
12.x+0.9y=50000(1.02)=51000…(ii)
(ii)-0.9(i) gives
0.3x=6000=> x=20000.
Question 17: A shopkeeper marks his books at 25% above the cost price. Due to slump in the market, his cost reduces by 5%. And then,to boost his sale, he offered a discount of 8% due to which sales goes up by 25%. Compute the change in the shopkeepers profit.
a) No change
b) 7% change
c) 2.5% change
d) 8% change
17) Answer (A)
Solution:
Let cost price of each article = Rs. 100 and number of articles sold be $x$
=> Original selling price price = Rs. 125
=> Original profit = Rs. $(125-100)x = Rs.$ $25x$
After offering discount of 8%, => New selling price = $\frac{92}{100}\times125=Rs.$ $115$
Also, new cost price = $\frac{95}{100}\times100=Rs.$ $95$
$\because$ Sale increases by 25%, => Number of articles now sold = $1.25x$
=> New profit = Rs. $(115-95)\times1.25x = Rs.$ $25x$
$\therefore$ There is no change in profit.
=> Ans – (A)
Question 18: X, Y and Z start a web-based venture together. X invests Rs. 2.5 lakhs, Y invests Rs. 3.5 lakhs, and Z invests Rs. 4 lakhs. In the first year, the venture makes a profit of Rs. 2 lakhs. A part of the profit is shared between Y and Z in the ratio of 2:3, and the remaining profit is divided among X, Y and Z in the ratio of their initial investments. The amount that Z receives is four times the amount that X receives. How much amount does Y receive?
a) Rs. 102,500
b) Rs. 93,750
c) Rs. 74,250
d) Rs. 75,000
e) Rs. 80,200
18) Answer (D)
Solution:
Let the part of the amount divided between Y and Z be 5k => Y gets 2k and Z gets 3k.
The overall profit is Rs 200000.
Hence the remaining profit is Rs 200000 – 5k. =
Left over profit of 2-5k is divided in the ratio 2.5:3.5:4
The final profit distribution among X, Y and Z.
=> Finally, X gets $\frac{2.5}{10}\left(200000-5k\right)\ $, Y gets $2k+\frac{3.5}{10}\left(200000-5k\right)\ $ and Z gets $3k+\frac{4}{10}\left(200000-5k\right)\ $.
Given the ratio of profit distribution of X and Z is 1 : 4
Given, $3k+\frac{4}{10}\left(200000-5k\right)\ $ = 4($\frac{2.5}{10}\left(200000-5k\right)\ $) => 3k=$\frac{6}{10}\left(200000-5k\right)\ $ =>10k=400000-10k => 20k=400000 => k=20000.
.’. Share of Y = $2k+\frac{3.5}{10}\left(200000-5k\right)\ $ = 75000.
Question 19: A merchant wants to make profit by selling food grains. Which of the following will maximize his profit?
a) Sell product at 30% profit
b) Increase the price by 15% over the cost price and reduce weight by 15%
c) Use 700 gm of weight instead of 1 kg.
d) Mix 30% impurities in grains and sell it at cost price
19) Answer (C)
Solution:
Let the C.P. per 1000 gm of the food grain for the merchant be x.
Let us now evaluate the options one by one.
Option A says the profit is straightaway 30%.
In option B, since the weight is reduced by 15%, he will be able to cheat by selling 850 grams instead of 1000 grams.
So, his effective C.P. in this case will be 0.85x
Also, the S.P. is increased by 15% and so the S.P. will be 1.15x
Profit in this case= $\ \frac{\ SP-CP}{CP}\cdot100$= $\ \frac{\ 1.15x-0.85x}{0.85x}\cdot100$= $\ \frac{\ 0.3x}{0.85x}\cdot100$=35.29%.
In option C, the shopkeeper cheats by selling 700 grams instead of 1000 grams.
So, effective CP for the shopkeeper= 0.7x
The SP remains the same as original CP as nothing is mentioned about the change. So, SP=x
Profit in this case= $\ \frac{\ SP-CP}{CP}\cdot100$= $\ \frac{\ x-0.7x}{0.7x}\cdot100$= $\ \frac{\ 0.3x}{0.7x}\cdot100$=42.8%
In Option D, if he mixes 30% impurities, for 1000 grams of food grain, he will be able to sell 1300 grams of food grains.
So, Effective CP remains the same=x
Effective SP= 1.3x
Profit in this case= $\ \frac{\ SP-CP}{CP}\cdot100$= $\ \frac{\ 1.3x-x}{x}\cdot100$= $\ \frac{\ 1.3x}{x}\cdot100$=30%
We can see that the profit is maximum in the third case, and hence, Option C is correct.
Question 20: A trader makes a profit equal to the selling price of 75 articles when he sold 100 of the articles. What % profit did he make in the transaction?
a) 33.33%
b) 75%
c) 300%
d) 150%
20) Answer (C)
Solution:
It is given that profit on 100 articles = SP of 75 articles
100(SP-CP) = 75*SP
4(SP-CP) = 3SP
SP = 4CP
Profit = $\ \frac{\ SP-CP}{CP}\times\ 100$
=$\ \frac{\ 4CP-CP}{CP}\times\ 100$
=300%
C is the correct answer.
