Profit/Loss and Discount
The price at which a person buys an item is called its cost price (C.P.).
The price at which a person sells an item is called its selling price (S.P.).
Whenever S.P. is more than C.P., seller makes a profit.
A profit can be calculated as
Profit = S.P. – C.P.
When C.P. is greater than S.P., seller makes a Loss.
A loss can be calculated as
Loss = C.P. – S.P.
Profit and loss can be expressed as profit % and loss %, which are calculated as percentage of the cost price.
Profit% can be calculated as:
Profit% = (Profit / Cost price) × 100
Loss% can be calculated as
Loss% = (Loss / Cost price) × 100
Relation between S.P. and C.P.:
When an article is sold at a gain of r% , then:
S.P. = (100 + r)% of C.P.
When an article is sold at a loss of r% , then:
S.P. = (100 – r)% of C.P.
The total profit obtained without deducting tax is called the gross profit.
The profit obtained after deducting tax is called the net profit.
Additional expenditure which a shopkeeper has to incur on transportation, labour, repair, etc. are known as overhead expenses.
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Rajat visits a departmental store and purchases articles whose list prices and sales tax rates are given below:
(i) A jeans for 580, sales tax at the rate of 10%.
(ii) A blanket for 1200, sales tax at the rate of 8%.
(iii) A bed sheet for 700, sales tax at the rate of 5%.
Calculate the total amount to be paid by Rajat.Marks:3
One day a shopkeeper sold 4 jackets at the rate of 950 and 6 jackets at the rate of 1080. If the cost price of a jacket was 1000, then find the profit or loss percent.Marks:3
Find a single discount equivalent to a discount series of 30%, 20% and 10%.Marks:3
How much percent more than the cost price should a shopkeeper mark his goods so that after allowing a discount of 15% on the marked price, he gains 19%?Marks:2
Disha paid 13,200 for a colour T.V. If the sales tax is charged at the rate of 10% on the list price of the colour T.V., find its list price.Marks:2