Profit or Loss Percent Calculation
Let the Cost Price (CP) be $100$. This assumption simplifies percentage calculations.
Marked Price Calculation
The shopkeeper adds 20% on the cost price to set the marked price.
MP = CP + (20\% \times \text{CP})
MP = 100 + (\frac{20}{100} \times 100)
MP = 100 + 20 = 120
Selling Price Calculation
A discount of 20% is given on the marked price.
Discount Amount = 20\% \times \text{MP}
Discount Amount = \frac{20}{100} \times 120 = 24
SP = MP - \text{Discount Amount}
SP = 120 - 24 = 96
Profit or Loss Check
Compare the Selling Price (SP) with the Cost Price (CP).
- CP = $100
- SP = $96
Since SP < CP, there is a loss.
Loss Percent Calculation
Loss = CP - SP
Loss = 100 - 96 = 4
Loss Percent = \left( \frac{\text{Loss}}{\text{CP}} \right) \times 100
Loss Percent = \left( \frac{4}{100} \right) \times 100 = 4\%
Therefore, the shopkeeper incurred a 4% loss.
Similar Questions
- I bought two frocks for ₹1,200. I sold the first one at a loss of 7% and the second at a gain of 23%. If, on the whole I made neither a loss nor a gain, find the cost price (in ₹) of the first frock.
- The selling price of 40 books is equal to the cost price of 28 books. Find the loss or gain percentage.
- Big Mart is offering $5\%$ discount on card payment. How much percentage above cost price should the marked price be so as to make a profit of $10\%$?
- What is the cost price of articles sold for ₹390 if $20\%$ is the total gain?
- If the selling price of an article is 3 times the discount offered and if the percentage of the discount is equal to the percentage profit, find the ratio of the discount offered to the cost price.
- A vendor purchases an article for ₹500 and sells it for ₹550. What is the percentage gain?
- Rupert purchases a second-hand TV for ₹4,600, spends some money on its repairs, and then sells it for ₹5,406, thereby earning a profit of 6%. How much did Rupert spend on the repairs?
- Atulit buys an old bicycle for ₹4,000 and spends ₹400 towards its repairs. If he sells the bicycle for ₹5,000, his percentage gain is:
- I bought two pendants for ₹1,200. I sold the first one at a loss of 10% and the second at a gain of 14%. If, on the whole I made neither a loss nor a gain, find the cost price (in ₹) of the first pendant.
- The selling price of 10 books is equal to the cost price of 16 books. Find the loss or gain percentage on these books.
Important Questions from Profit and Loss
Rohit buys 8 pens and 4 pencils for Rs. 2400. He sells pencils at a profit of 20 percent and pens at the loss of 10 percent. If his overall profit is Rs. 240, then what is the sum of the cost price of one pen and one pencil?
A man sells a car to his friend at the loss of 10 %; who in return sells it for Rs. 54000 making a profit of 20 %. What was the initial value of the car?
By selling a horse for Rs. 670, a tradesman would lose 5%. At what price must he sell it to gain 5%?
An article was sold at a loss of 24%. If it were sold for Rs. 1,596 more, then there would have been a gain of 18%, The cost price of the article is:
The cost price of an article is Rs.6,450. If it sold at a profit 16%, how much would be its selling price?
