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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  • Q1

    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
    Answer:


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  • Q2

    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
    Answer:

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  • Q3

    Find a single discount equivalent to a discount series of 30%, 20% and 10%.

    Marks:3
    Answer:


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  • Q4

    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
    Answer:


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  • Q5

    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
    Answer:

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