TRICKS TO SOLVE PROBLEMS ON PROFIT AND LOSS PART 3 -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:

PROBLEMS BASED ON FINDING  HOW MANY NUMBERS ARE THERE:

1.A trader  buys oranges at 7 for a rupee and sells them at 40% Profit.How many oranges does he sell for a Rupee?

Explanation

Cost Price of 1 apple=1/7

Selling Price  of 1 apple at 40% Profit is equal to 140% of its cost Price .

Selling Price of 1 apple=(1/7) * 140% =(1/7) * (140/100)=1/5

Therefore 5 Oranges are sold for 1 Rupee

TYPE 2:

Chain Rule:

1.A Manufacturer sells a scooter at 10% Profit to wholesaler who in turn sells it to a retailer at 20% Profit. If the Price Paid by the retailer is Rs.13200,How much the scooter costs to the manufacturer?

Explanation

Let the manufacturer bought the Scooter  for x Rupees

Given, x*(110/100) * (120/100)=13200

X=(13200*100*100)/(110*120) =10000

The Scooter costs Rs.10000 to the manufacturer

 

TYPE 3:

FALSE WEIGHT:

To find Profit/Loss Percentage=[Error /(True Value –False Value)]*100

Error=True Value – False Value

1.A dishonest dealer to sell his goods at cost price,but he uses a weight of 960grams for the 1Kg weight,then the Percentage of gainis?

Explanation

Error=1000-960=40grams

Profit%=[40/(1000-40)]*100 ⇒ (40 * 100)/960⇒4(1/6)%

2.A grocer sells rice at a profit of 10%  and uses  a weight which is 20% less .Find his total percentage Gain?

Explanation

Let the Original weight=1000 gm

Here the grocer sells 20% less weight=200 gm, Therefore he sold only 800 gm with 10% Profit

Profit% when he sells rice 20% less than the original quantity

(200/800)*100  =25%

To find Successive Profit/Loss%=x+y+(xy/100)

Here x=10%   and   y=25%  if it is Profit  its sign is ‘+’ve if it is Loss then its sign is ‘-‘ve

Profit%=10+25+ (250/100)⇒ 35+2.5=37.5gm

 

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