Profit and Loss is most important topic is aptitude exams, comptitive exams and government exams. while solving the question for profit and loss, time managment is major factor, if you do that properly, you can perform better the the exams. this is post we are providing some basic tips and formulas to solve the questions of Profit and loss.
one most important things here, Practice, you should practice all these formulas daily basic to improve to speed up your power to solve these type of questions. things we have leant in school are differnt so we shoud know short cut to solve the questions and also keep in mind the time we are spending on question, dont waste your time if you think, that particluar question will take time, skip that and go for next.
Important facts that are used in the Profit and loss Questions are Cost Prices, Selling Price, Profit and gain & Loss.
Cost Price : The price, at which an item is purchased, is called its cost price.
Selling Price : The price, at which an item is sold, is called its selling prices.
Profit or Gain : If Selling Price is greater than Cost Price, the seller is said to have a profit or have gain.
Loss : If Selling Price is less than Cost Price, the seller is said to have a loss.
C.P =Cost Price
S.P= Selling Price
Gain = (Selling Price) – (Cost Price)
Loss = (Cost Price) – (Selling Price).
Loss or gain is always calculated on C.P.
Gain Percentage: (Gain %) Gain % = (Gain x 100 / C.P)
Loss Percentage: (Loss %) Loss % = (Loss x 100 / C.P )
Selling Price: (S.P.) SP = [(100 + Gain %) / 100 x C.P]
Cost Price: (C.P.) C.P. = [(100 / (100 + Gain %) x S.P]
If any item is sold at a loss of say, 60% then S.P. = 60% of C.P.
If any item is sold at a gain of say35%, then S.P. = 135% of C.P