PROBLEMS ON PROFIT &  LOSS PART 2-LEARN SERIES

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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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