A shopkeeper sold an item for Rs. 240 after giving a certain discount. Determine the profit made by the shopkeeper on this sale. Statement I: The cost price and marked price of the item are in the ratio 5:12. Statement II: The discount given on the sale of the item was Rs. 120.

ATQ, Statement I: Let the CP of the item be Rs. '5p' So, MRP of the item = 5p × (12/5) = Rs. '12p' Profit earned = Rs. (240 - 5p) So, data in statement I alone is not sufficient to answer the question. Statement II: MRP of the item = 240 + 120 = Rs.360 So, data in statement II alone is not sufficient to answer the question. On combining statements 'I' and 'II' together, we have; 12p - 120 = 240 Or, 12p = 360 So, p = 30 So, profit earned = 240 - 5 × 30 = Rs. 90. Therefore, the data in both statements I and II together is necessary to answer the question.