Profit and Loss Questions Answers

Profit and Loss Questions Answers (MCQ) listings with explanations includes questions on Gain, Gain Percent, Loss, Loss Percent, determining different values etc which are important for many competitive exams.

21) Sahil purchased a machine at Rs 10000, then got it repaired at Rs 5000, then gave its transportation charges Rs 1000. Then he sold it with 50% of profit. At what price he actually sold

  • 1) Rs. 22000
  • 2) Rs. 24000
  • 3) Rs. 26000
  • 4) Rs. 28000
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Ans.   B
Explanation :
Question seems a bit tricky, but it is very simple. Just calculate all Cost price, then get 150% of CP. C.P. = 10000 + 5000 + 1000 = 16000 150% of 16000 = 150/100 * 16000 = 24000

22) A shopkeeper expects a gain of 45/2 % on his C.P. If his sale was Rs. 392, then find his prof

  • 1) Rs. 70
  • 2) Rs. 72
  • 3) Rs. 74
  • 4) Rs. 76
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Ans.   B
Explanation :
We Know, \begin{aligned} S.P. = \left( \frac{100+gain\%}{100} * C.P \right)\\ => C.P. = \frac{100}{122.50}* 392 \ = 320 \ Profit = 392 -320 = Rs 72 \end{aligned}

23) A plot is sold for Rs. 18,700 with a loss of 15%. At what price it should be sold to get profit of 1

  • 1) Rs 25300
  • 2) Rs 22300
  • 3) Rs 24300
  • 4) Rs 21300
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Ans.   A
Explanation :
This type of question can be easily and quickly solved as following: Let at Rs x it can earn 15% pr0fit 85:18700 = 115:x [as, loss = 100 -15, Profit = 100 +15] x = (18700*115)/85 = Rs.25300

24) A man buys an article for Rs. 27.50 and sells it for Rs 28.60. Find his gain perce

  • 1) 1%
  • 2) 2%
  • 3) 3%
  • 4) 4%
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Ans.   D
Explanation :
So we have C.P. = 27.50 S.P. = 28.60 Gain = 28.60 - 27.50 = Rs. 1.10 \begin{aligned} Gain\% = \left( \frac{Gain}{Cost} * 100 \right)\% \= \left( \frac{1.10}{27.50} * 100 \right)\% = 4\% \end{aligned}

25) A TV is purchased at Rs. 5000 and sold at Rs. 4000, find the lost percent

  • 1) 10%
  • 2) 20%
  • 3) 25%
  • 4) 28%
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Ans.   B
Explanation :
We know, C.P. = 5000 S.P. = 4000 Loss = 5000 - 4000 = 1000 \begin{aligned} Loss\% = \left( \frac{Loss}{Cost} * 100 \right)\% \\ = \left( \frac{1000}{5000} * 100 \right)\% = 20\% \end{aligned}

26) In terms of percentage profit, which among following the best transactio

  • 1) C.P. 36, Profit 17
  • 2) C.P. 50, Profit 24
  • 3) C.P. 40, Profit 19
  • 4) C.P. 60, Profit 29
View Answer View Explanation
Ans.   D
Explanation :
Hint: Calculate profit percent as Profit% = (profit/cost) * 100

27) A person incurs a loss of 5% be selling a watch for Rs. 1140. At what price should the watch be sold to earn 5% profi

  • 1) Rs.1200
  • 2) Rs.1230
  • 3) Rs.1260
  • 4) Rs.1290
View Answer View Explanation
Ans.   C
Explanation :
Let the new S.P. be x, then. (100 - loss%):(1st S.P.) = (100 + gain%):(2nd S.P.) \begin{aligned} =>\left( \frac{95}{1140} = \frac{105}{x} \right) \ => x = 1260 \end{aligned}

28) A book was sold for Rs 27.50 with a profit of 10%. If it were sold for Rs. 25.75, then would have been percentage of profit and loss

  • 1) 2% Profit
  • 2) 3% Profit
  • 3) 2% Loss
  • 4) 3% Loss
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Ans.   B
Explanation :
Please remember \begin{aligned} S.P. = \left( \frac{100+gain\%}{100} * C.P \right)\ \text{So, C.P. = }\left( \frac{100}{110} * 25.75 \right)\\text{When S.P. = 25.75 then } \Profit = 25.75 - 25 = Re. 0.75 \ Profit\% = \frac{0.75}{25} * 100 = 3\% \end{aligned}

29) Alfred buys an old scooter for Rs. 4700 and spends Rs. 800 on its repairs. If he sells the scooter for Rs. 5800, his gain percent

  • 1) \begin{aligned} \frac{6}{19}\% \end{aligned}
  • 2) \begin{aligned} \frac{6}{17}\% \end{aligned}
  • 3) \begin{aligned} 5\frac{5}{11}\% \end{aligned}
  • 4) \begin{aligned} 3\frac{5}{11}\% \end{aligned}
View Answer View Explanation
Ans.   C
Explanation :
Whenever we get this type of question, we should have formula in mind that, Gain% = (gain/cost)*100 Cost = 4700 + 800 = Rs. 5500 S.P. = Rs. 5800 Profit = 5800 - 5500 = 300 \begin{aligned} Gain\% = \frac{300}{5500}*100 \= 5\frac{5}{11}\% \end{aligned}

30) If the cost price is 25% of selling price. Then what is the profit percen

  • 1) 150%
  • 2) 200%
  • 3) 300%
  • 4) 350%
View Answer View Explanation
Ans.   C
Explanation :
Let the S.P = 100 then C.P. = 25 Profit = 75 Profit% = 75/25 * 100 = 3005
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