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Profit and Loss Practice Questions for Pre-Examination

Question

The cost price of article A and B is Rs. ‘X’ and Rs. (X + 480), respectively. Article A is sold at 20% profit while article B is sold at 10% loss. If selling price of article B is Rs. 90 more than that of article A and article B is sold after giving a discount of 10%, then find the marked price of article B.

A Rs. 1620 Correct Answer Incorrect Answer
B Rs. 2000 Correct Answer Incorrect Answer
C Rs. 2925 Correct Answer Incorrect Answer
D Rs. 3300 Correct Answer Incorrect Answer
E Rs. 1900 Correct Answer Incorrect Answer

Solution

Selling price of article ‘A’ = x × 120% = Rs. 1.2x Selling price of article ‘B’ = (x + 480) × 90% = Rs. 0.90x + 432 According to the question, 0.90x + 432 – 1.2x = 90 432 – 90 = 0.3x 0.3x = 342 x = 1140 Selling price of article ‘B’ = 0.90 × 1140 + 432 = Rs. 1458 Marked price of the article ‘B’ = 1458/90 × 100 = Rs. 1620

Question

Article ‘A’ and ‘B’ has equal cost prices. Article ‘A’ is marked up by 21% above its cost price and sold after giving some discount and there is a profit of 10% in the whole transaction. Article ‘B’ is marked up by amount equal to the discount offered on article ‘A’. The marked price of article ‘B’ is Rs. 2664. Find the selling price of article ‘A’.

A Rs. 2640 Correct Answer Incorrect Answer
B Rs. 2540 Correct Answer Incorrect Answer
C Rs. 2600 Correct Answer Incorrect Answer
D Rs. 2740 Correct Answer Incorrect Answer
E Rs. 2840 Correct Answer Incorrect Answer

Solution

Let, the cost price of article ‘A’ and ‘B’ be Rs. x Marked price of article ‘A’ = Rs. 1.21x Selling price of article ‘A’ = Rs. 1.1x Discount offered on article ‘A’ = 1.21x – 1.10x = Rs. 0.11x According to the question, 0.11x + x = 2664 => x = 2664/1.11 = Rs. 2400 Selling price of the article ‘A’ = 1.10x = Rs. 2640

Question

A shopkeeper marked an article ‘A’ 12% above the cost price and sold it for Rs. 1008 after giving a certain discount while he sold an article ‘B’ for Rs. 3360. If cost price of article ‘B’ is Rs. 2400 and profit percentage earned on selling article ‘B’ is 60% more than discount percentage given on selling article ‘A’ then find the cost price of article ‘A’.

A Rs. 620 Correct Answer Incorrect Answer
B Rs. 635 Correct Answer Incorrect Answer
C Rs. 1200 Correct Answer Incorrect Answer
D Rs. 896 Correct Answer Incorrect Answer
E Rs. 825 Correct Answer Incorrect Answer

Solution

Percentage profit earned on selling article ‘B’ = [(3360 – 2400)/2400] × 100 = 40% So, percentage discount given on selling article ‘A’ = 40/1.60 = 25% So, marked price of article ‘A’ = 1008/0.75 = Rs. 1344 Cost price of article ‘A’ = 1344/1.12 = Rs. 1200

Question

Cost price of an article is X. The article is marked up by Y% and sold while offering a discount of 25%. The profit earned is (Y + 20). When the same article is marked up by (Y + 5)% and sold while offering a discount of 25%, the profit earned is (Y + 65). Which of the following statement is correct?

A 0.5X = 15Y Correct Answer Incorrect Answer
B 0.25X = 1.2Y - 132 Correct Answer Incorrect Answer
C X = 30 ÷ 22Y Correct Answer Incorrect Answer
D X = 20Y Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

CP = X MP = (X + XY/100) SP = (X + XY/100) x 75/100 Profit = (Y + 20) We know that, Profit = SP – CP Profit + CP = SP (X + XY/100) x (3/4) = X + Y + 20 ----------(1) Similarly, when the same article is marked up by (Y + 5)% and the profit earned is (Y + 65). We will get: {X + X(Y + 5)/100} x (3/4) = X + Y + 65 ----(2) Subtracting equation (1) by (2), we get {X + X(Y + 5)/100} x (3/4) - (X + XY/100) x (3/4) = (X + Y + 65) – (X + Y + 20) 3/4 { (X + XY + 5X – X – XY)/100} = 45 3/4 x 5X/100 = 45 X = 1200 Y = 40 Putting the value of X and Y in 0.5X = 15Y => 0.5 x 1200 = 15 x 40 => 600 = 600 Therefore, statement I is true.

Question

A shopkeeper bought article ‘A’ for Rs. ‘x’ and marked it 20% above its cost price and sold it for Rs. 1800. Marked price of article ‘B’ is Rs. 1600 more than that of article ‘A’ while selling price of article ‘B’ is Rs. 260 more than that of ‘A’. Find the cost price of article ‘A’ if article ‘B’ is sold at a discount of 20%.

A Rs. 712.5 Correct Answer Incorrect Answer
B Rs. 810.5 Correct Answer Incorrect Answer
C Rs. 812.5 Correct Answer Incorrect Answer
D Rs. 832.5 Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

Selling price of article ‘B’ = 260 + 1800 = Rs. 2060 Marked price of article ‘B’ = 2060/0.80 = Rs. 2575 Marked price of article ‘A’ = 2575 – 1600 = Rs. 975 Cost price of article ‘A’ = 975/1.2 = Rs. 812.5

Question

Ratio of the cost price of article ‘A’ to ‘B’ is 2:5, respectively. Article ‘A’ is marked up by 28% above its cost price and then sold at a discount of 20%. If the profit earned on article ‘A’ is Rs. 258, then find the cost price of article ‘B’.

A Rs. 22875 Correct Answer Incorrect Answer
B Rs. 26375 Correct Answer Incorrect Answer
C Rs. 26875 Correct Answer Incorrect Answer
D Rs. 26865 Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

Let the cost price of article ‘A’ be Rs. 2x Marked price of article ‘A’ = 1.28 × 2x = Rs. 2.56x Selling price of article ‘A’ = 2.56x × 0.8 = Rs. 2.048x Or, 2x + 258 = 2.048x Or, 0.048x = 258 Or, x = 5375 Cost price of article ‘B’ = 5x = 5 × 5375 = Rs. 26875

Question

Article ‘P’, if sold at a profit of 10% earns a profit of Rs. 600. If article ‘P’ is marked 40% above its cost price and then sold after offering two successive discounts of 18% and Rs. x, respectively then what would be the value of ‘x’ such that there is neither profit nor loss in the transaction?

A 888 Correct Answer Incorrect Answer
B 858 Correct Answer Incorrect Answer
C 868 Correct Answer Incorrect Answer
D 878 Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

Let the cost price of article ‘P’ = Rs. 100y Then, according to the question, 10y = 600 Or, y = (600/10) = 60 So, cost price of article = Rs. 6000 Marked price of the article = 6000 × 1.4 = 8400 Price after 1st discount of 18% = 8400 × 0.82 = 6888 So, further discount be given = 6888 – 6000 = Rs. 888 Or, x = 888

Question

A shopkeeper marked an article P% above its cost price and sold it for Rs. 576 after giving a discount of 20%. If the ratio of cost price and selling price of the article is 25:30, respectively, then find the selling price if the article is sold at a profit of (P + 10)%.

A Rs. 728 Correct Answer Incorrect Answer
B Rs. 760 Correct Answer Incorrect Answer
C Rs. 768 Correct Answer Incorrect Answer
D Rs. 765 Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

Cost price of the article = (25/30) × 576 = Rs. 480 Marked price of the article = 480/0.8 = Rs. 720 P% = [(720 – 480)/480] × 100 = 50% Or, P = 50 Desired selling price = 480 × 1.6 = Rs. 768

Question

A shopkeeper selling an item for Rs.(a + 500), and suffered a loss of 20%. suppose he sells it for Rs.(2a – 500), he will make a profit of 20%. Find the value of 'a'.

A 2300 Correct Answer Incorrect Answer
B 2500 Correct Answer Incorrect Answer
C 1200 Correct Answer Incorrect Answer
D 1900 Correct Answer Incorrect Answer
E none of these Correct Answer Incorrect Answer

Solution

ATQ, CP of the item when there is loss of 20% = [(a + 500) x (5/4)] To make an 20% profit, he has to sell the article for =  Rs.[(a + 500) × (5/4) × (12/10)] According to the question, [(a + 500) × (5/4) × (12/10)] = 2a – 500 Or, (a + 500) × 3/2 = (2a – 500) Or, 3a + 1500 = 4a – 1000 Or. a = 2500

Question

When a shopseller offers a discount of d% on item A and (d + 5)% on item B, quoting an equal marked price on both the items. If the ratio of S.P of item A to that of B is 18:17, then what will be the discount % offered on item A and item B individually.

A 5% and 15% Correct Answer Incorrect Answer
B 15% and 17% Correct Answer Incorrect Answer
C 10% and 15% Correct Answer Incorrect Answer
D 20% and 25% Correct Answer Incorrect Answer
E none of these Correct Answer Incorrect Answer

Solution

ATQ, Let the Marked price of item A and item B be Rs.100 each.  Given that discount on A is d% and discount on B is (d + 5)% Only from choice (3) we get that answer.  Discount on Item A = 10% of 100 = 10.  SP of A = 100 - 10 = 90 Discount on Item B = 15% of 100 = Rs.15  SP of B = 100 - 15 = 85 The ratio of SP of A & B = 90:85 = 18/17  which satisfies the given condition by taking 10% and 15% discounts on items A and B.

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