PROBLEMS ON PROFIT &  LOSS PART 2-LEARN SERIES

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Learning is a step by step process and you should gradually progress in that to ace the process. As you all know we have started a new Learn Series to help with your preparations for various exams like IBPS PO , IBPS RRB Scale I officer , IBPS RRB Office Assistant , IBPS Clerk , IBPS SO , SBI PO , SBI Clerk , SBI SO and many other exams in this type. Nevertheless this series will also contribute you all the tips and tricks to every miscellaneous sections and also all the important topics which are asked in the exams. If you haven’t looked at the Learn series , Please Click the below link to learn the new concepts.

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Also we are coming daily with different topics and if you haven’t checked our latest article on the Problems based on Profit and Loss Part 1,Please Click the link below

BASICS OF PROFIT AND LOSS

TYPE 1:

FINDING OVERALL PROFIT /LOSS PERCENTAGE:

1.A man sold two notebooks one at a profit of 20% and other at a loss of 20%.Find the overall Profit /Loss Percentage?

Explanation

Let the Price of notebook be Rs.100

Over all Price for 2 notebooks=2*100=Rs.200

1st note is sold at a Profit of 20%=Rs.120

2nd note is sold at a loss of 20%=Rs.80

Cost Price = Selling Price

There is no loss or gain

Alternate Method(This method is useful only when the CostPrice of the article is equal/same)

Finding overall (Profit/Loss)%: (x+y)/2

Let the Price of 1st Notebook at Profit x=20%

Let the Price of 2nd Notebook at  loss y=20%

+sign indicates Profit , – sign indicates Loss

Overall profit/Loss %=(20-20)/2 =0

There is no Loss or Profit.

TYPE 2:

IF SELLING PRICE IS EQUAL:

When the Selling Price is equal then there  is again two Types

1)When the Profit/Loss is of equal Percentage

2)When the Profit/Loss is of different Percentage.

1)When the Profit/Loss is of equal Percentage:

1.When two cars are sold at same Selling Price where 1st car is sold at Profit of 10% and 2nd  Car is sold at Loss of 10%.What is the overall Profit/Loss Percentage?

Explanation

Let Selling Price of 1st and 2nd car be 99000 each

Given that

1st Car sold for Profit of 10%:

Cost Price of 1st car be x:

Selling Price of 1st Car=x * (110/100)=99000=Rs.90000

2nd Car sold at a Loss of 10%:

Cost Price of 2nd car be y:

Selling Price of 2nd Car=y*(90/100)=99000=Rs.110000

Total Cost Price=Rs.200000

Total Selling Price=Rs.198000

Loss=200000-198000=Rs.2000

Loss Percentage = (2000/200000)*100

Loss Percentage=1%

 Alternate Method:(When there is Profit% and Loss% the overall percentage will be Loss% only)

When the Profit/Loss (X) Percentage is equal:

Then overall Percentage=(x²/100)

In the above given question the Profit and Loss Percentage is 10% and 10%.Therefore the overall percentage would be Loss percentage

Loss Percentage=(10*10)/100=1%

2.When the Selling Price is same and  the Profit /Loss percentage is not same:

1.The  Women sold her two Old Ornaments at the same Selling Price that is 35000 each 1 at the Profit of 75%  and  another at the loss of 30%.What is her over all Profit /Loss Percentage?

Explanation

Given that,The Selling Price  of Ornaments is 35000 each

Cost Price of the 1st Ornament sold at the profit of 75%

X*(175/100)=35000

X=(35000*100) /175=Rs.20000

Cost Price of the 2nd Ornament sold  at the  Loss of 30%

X*(70/100)=35000

X=(35000*100)/70 = Rs.50000

Cost Price=20000+50000=Rs.70000

Selling Price=35000+35000=Rs.70000

There is no Profit and Loss in this transaction.

Another Method:

Let x=75%  and y=30%

Here we indicate profit by ‘+’ sign, loss is indicated by ‘-‘ sign

x=75   y=-30

=[100(75-30)+2*75*(-30)] /[(100+75)+(100-30)]=(4500-4500)/(175+70)=0

There  is no Profit and Loss.

 

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