Profit and Loss Shortcut Tricks

Sunday, April 17, 2016

Profit and Loss Shortcut Tricks

Profit and Loss shortcut tricks for bank exams & competitive examinations. Profit and Loss Formulas Important, Profit and Loss Aptitude Questions Answers for Bank Exams, IBPS, UPSC, SSC and other competitive examinations. Profit and Loss Shortcut Methods to solve Aptitude Questions fast and easily.

Quantitative Aptitude is a very important section in the Bank Examination. Most of you feel that it is a time taking and calculative part in the exam but if you follow some guidelines and shortcuts, you can easily through the section and have a chance to score more marks. So our main focus into speed and accuracy. That is possible only if we are thorough with basic concept and formulas.

Generally in Competitive Examinations Like IBPS, UPSC, SSC exams 1 - 2 Profit and Loss questions will be asked in the Quantitative Aptitude Section. Here we are providing Basic Concepts and Formulas for Profit and Loss. Are you preparing for IBPS CWE Quantitative Aptitude Section? try to remember these Profit and Loss Formulas for Speed Calculation.

Profit and Loss Formulas

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When we purchase some item and then sell it, we make profit or loss some times it depends on the Cost Price and Selling Price of a particular item.

1. Cost Price C.P: The price, at which an article is purchased, is called its cost price, abbreviated as C.P.

Cost Price is amount of money goes out from us when we purchase any article or item.

2. Selling Price S.P: The price, at which an article is sold, is called its selling prices, abbreviated as S.P.

Selling Price is an amount of money came in when we sell an item or article.

3. Profit or Gain: If S.P. is greater than C.P., the seller is said to have a profit or gain.

4. Loss: If S.P. is less than C.P., the seller is said to have incurred a loss.

5. Marked Price: When we purchase any item or article we see the marked price or listed price printed on the label.

6. Profit or Gain = Selling Price (S.P.) - Cost Price (C.P.)

Example: 30% Profit on an article i.e cost price Rs.100/- Selling Price Rs.130/-

7. Loss = Cost Price (C.P.) - Selling Price (S.P.)

Example: 30% Loss on an article i.e cost price Rs.100/- Selling Price Rs.70/-

Profit and Loss is always calculated on Cost Price

\begin{aligned} G a i n % = (\frac{G a i n * 100}{C . P .}) \\ L o s s % = (\frac{L o s s * 100}{C . P .}) \\ S . P . = (\frac{100 + G a i n %}{100} \times C . P .) \\ S . P . = (\frac{100 - L o s s %}{100} \times C . P .) \\ C . P . = (\frac{100}{100 + G a i n %} \times S . P .) \\ C . P . = (\frac{100}{100 - L o s s %} \times S . P .) \end{aligned}

8. When a person sells two similar items, one at a gain of say x%, and the other at a loss of x%, then the seller always incurs a loss given by:

(x10)2

9.If a trader professes to sell his goods at cost price, but uses false weights, then

Gain%=[ErrorTrue value - Error×100]%

Profit and Loss Shortcut Methods

Profit and Loss Problems

1. A shopkeeper fixes the marked price of an item 35% above its cost price. The percentage of discount allowed to gain 8% is?

18%

20%

22%

24%

None of these

Answer: B

Explanation:

Let the cost price = Rs.100/-

then, Marked price = Rs.135/-

Required gain = 8%,

So Selling price = Rs.108/-

Discount = 135 - 108 = 27

Discount% = (27/135)*100 = 20%

2. A person incurs a loss of 5% be selling a watch for Rs. 1140. At what price should the watch be sold to earn 5% profit?

Rs.1200
Rs.1230
Rs.1260
Rs.1290
None of these

Explanation:

Let the new S.P. be x, then.

(100 - loss%):(1st S.P.) = (100 + gain%):(2nd S.P.)

(95 ÷ 1140) = (105 ÷ x)

x = 1260

3. If the cost price of 12 bananas is equal to the selling price of 8 bananas, the gain percent is ?

12%
50%
30%
60%
None of these

Answer: B

Explanation:

We know we will need gain amount to get gain percent, right. So lets get gain first.

Let the cost price of 1 banana is Re 1
Cost of 8 bananas = Rs 8
Selling price of 8 bananas= 12
Gain = 12 - 8 = 4

Gain%=(GainCost∗100)%=(48∗100)%=50%

Here we are providing you all the types of questions that have been asked in SSC Exams and How to solve it in an Easy way with Grade Stack methods:-

Type 1:

The cost price of 40 articles is the same as the selling price of 25 articles. Find the gain per cent. (CGL-2012)

(a) 65% (b) 60%

Answer: (b) Gain per cent

=(40-25)/25×100

=15/25×100=60%

Grade Stack methods

In Above question We take x = 40 , y = 25

Then Gain % = (x –y) x 100/ y

Type2:

Bananas are bought at the rate of 6 for Rs. 5 and sold at the rate of 5 for Rs. 6. Profit per cent is: (CGL-2004)

(a) 36% (b) 42%

Answer : (c) To avoid fraction, let the number of bananas bought

LCM of 5 and 6 = 30

CP of 30 bananas

= 5 x 5 = Rs. 25

SP of 30 Bananas = 6 x 6

= Rs. 36

Profit = Rs. (36-25) = Rs. 11

Profit %

= 11/25×100=44%

Grade Stack Method

[(6 x 6 -5x 5)/ (5 x 5)] x 100 = 44%

Type 3:

A man bought oranges at the rate of 8 for Rs 34 and sold them at the rate of 12 for Rs. 57. How many oranges should be sold to earn a net profit of Rs 45? (CGL-2011)

(a) 90 (b) 100

Answers: (a) Let the man buy 24 (LCM of 8 and 12) oranges.

C.P. of 24 oranges = 34/8 ×24 = Rs. 102

S.P. of 24 oranges = 27/12×24= Rs. 114

Gain = 114 – 102 = Rs. 12

Rs. 12 = 24 oranges

Rs. 45 = 24/12×45= 90 oranges

Type 4:

A shopkeeper earns a profit of 12% on selling a book at 10% discount on printed price. The ratio of the cost price to printed price of the book is ? (CGL-2013)

(a) 45 : 56 (b) 50 : 61

Answer: (a) C.P. of the book = Rs. x

Printed price = Rs. y

(y×90)/100=x × 112/100

x/y=90/112=45/56

Type 5:

A dealer sold two types of goods for Rs 10,000 each. On one of them, he lost 20% and on the other he gained 20%. His gain or loss per cent in the entire transaction was (CGL-2012)

(a) 2% loss (b) 2% gain

Answers: (d) Here, S.P. is same, Hence there is always a loss. Loss per cent =(20×20)/100=4%

Gradestack Trick

Loss % = (n^2)/100= (20)^2/100= 4%

Where n= 20

Type 6:

On selling an article for Rs170, a shopkeeper loses 15%. In order to gain 20%, he must sell that article at rupees: (CGL-2013)

(a) 215.50 (b) 212.50

Answer ; (c) C.P. of article = (200×120)/100 = Rs. 240

Type 7:

An article is sold at a loss of 10%. Had it been sold for Rs. 9 more, there would have been a gain of 12 1/2% on it. The cost price of the article is (CGL – 2002)

(a) Rs. 40 (b) Rs. 45

Answers: (a) Let the cost price of the article = Rs. x

S.P. at 10% loss

= x×90/100= Rs. 9x

P. at 12 1/2 % gain

x × (100+12 1/2)/100 = Rs. 225x/200

According to the question

9x + 9 = 225x/200

180x + 1800 = 225x

x = Rs. 40

Grade Stack Method

IF sign is not same then We have to Add

If sign is same then We have to Subtract

Here

– 10 % + 12 ½

22 ½% = 9%

100 % = ?

Formula = (n x 100 )/ (difference of loss % or Gain)

Note : where n= 9

Type 8:

A sells a suitcase to B at 10% profit. B sells it to C at 30% profit. If C pays Rs 2860 for it, then the price at which a bought it is (CGL-2013)

(a) 1000 (b) 1600

Answer: (c) If the C.P. of the suitcase for A be Rs. x, then

x ×110/100×130/100=2860

x=(2860×100×100)/(110×130) = Rs. 2000

Type 9:

Arun marks up the computer he is selling by 20% profit and sells them at a discount of 15%. Arun’s net gain percent is

(CGL-2013)

(a) 4 (b) 2

Answer (b)

Gradestack method:

r1 = 20 , r2 = 15

Formula = r1 – r2 – (r1 x r2)/100

(20-15-(20×15)/100)

= 20 -18 = 2%

Type10:

A tradesman sold an article at a loss of 20%. If the selling price had been increased by Rs. 100, there would have been a gain of 5%. The cost price of the article was: (CGL-2004)

(a) Rs. 200 (b) Rs. 25

Answer (c) Let the C.P. of article be Rs. x.

105% of x – 80% of x = Rx. 100

25% of x = Rx. 100

x = Rs. (100×100)/25

= Rs. 400

That’s how Profit and loss questions are solved easily. Here is a short cut quiz for profit and loss to test your practice.

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