Short Notes Based on Proft and Loss With Previous Year Questions

 Here's a comprehensive quick note on the chapter "Profit and Loss" covering the syllabus of CLAT, CUET, and IPMAT:

 

Profit and Loss: Concepts and Formulas

 

1. Basic Concepts

 

- Cost Price (CP): The price at which an article is bought.

- Selling Price (SP): The price at which an article is sold.

- Profit: SP - CP (when SP > CP).

- Loss: CP - SP (when CP > SP).

 

2. Calculating Profit and Loss

 

- Profit Percentage = (Profit / CP) × 100.

- Loss Percentage = (Loss / CP) × 100.

 

3. Marked Price and Discount

 

- Marked Price (MP): The original price of an article.

- Discount: Reduction in price (MP - SP).

 

4. Successive Discounts

 

- Formula: SP = MP × (1 - discount%)^(number of discounts).

 

5. Sales Tax and Value Added Tax (VAT)

 

- Sales Tax: Tax on SP.

- VAT: Tax on value added at each stage.

 

6. Profit/Loss Percentage Calculations

 

- When CP and SP are given.

- When MP and discount% are given.

 

7. Dishonest Dealings

 

- Defective items.

- Shortage in quantity.

 

Solved Examples

 

Example 1: A shopkeeper buys 100 pens at ₹10 each and sells them at ₹12 each. Find his profit percentage.

 

Solution: CP = ₹1000, SP = ₹1200, Profit = ₹200.

Profit Percentage = (200 / 1000) × 100 = 20%.

 

Example 2: A product's MP is ₹500, and a 20% discount is offered. Find the SP.

 

Solution: Discount = 20% of ₹500 = ₹100.

SP = ₹500 - ₹100 = ₹400.

 

Practice Questions

 

1. A trader buys 50 kg of rice at ₹30/kg and sells it at ₹35/kg. Find his profit percentage.

2. A shirt's MP is ₹800, with a 15% discount. Find the SP.

3. A shopkeeper sells 20 books at ₹25 each, costing ₹20 each. Find his profit/loss percentage.

 

Tips for CLAT, CUET, and IPMAT

 

- Understand the basic concepts and formulas.

- Practice calculations and apply formulas to solve problems.

- Focus on successive discounts, sales tax, and VAT.

- Manage time effectively during the exam.

 

Important Formulas

 

- Profit = SP - CP.

- Loss = CP - SP.

- Profit Percentage = (Profit / CP) × 100.

- Loss Percentage = (Loss / CP) × 100.

 

Key Points to Remember

 

- Cost price and selling price.

- Marked price and discount.

- Successive discounts and sales tax/VAT.

- Dishonest dealings and profit/loss percentage calculations.

 

This quick note covers the essential concepts, formulas, and solved examples for the "Profit and Loss" chapter, aligning with the syllabus of CLAT, CUET, and IPMAT.

 

Here are some questions with answers based on the "Profit and Loss" chapter:

Question 1:

Rahul buys 20 shirts at ₹200 each and sells them at ₹250 each. Find his profit percentage.

Answer:

CP = 20 × ₹200 = ₹4000

SP = 20 × ₹250 = ₹5000

Profit = SP - CP = ₹5000 - ₹4000 = ₹1000

Profit Percentage = (1000 / 4000) × 100 = 25%

 

Question 2

A store offers a 15% discount on a product marked at ₹1200. Find the selling price.

Answer:

Discount = 15% of ₹1200 = 0.15 × ₹1200 = ₹180

SP = MP - Discount = ₹1200 - ₹180 = ₹1020

 

Question 3

A trader sells 30 kg of wheat at ₹40/kg, costing ₹35/kg. Find his profit/loss percentage.

Answer

CP = 30 × ₹35 = ₹1050

SP = 30 × ₹40 = ₹1200

Profit = SP - CP = ₹1200 - ₹1050 = ₹150

Profit Percentage = (150 / 1050) × 100 = 14.29%

 

 

Here are 9 questions with answers, covering all topics under "Profit and Loss"

Basic Concepts (3 questions)

 

1. What is the profit percentage if the cost price is ₹500 and the selling price is ₹600?

 

Answer: Profit = ₹600 - ₹500 = ₹100. Profit Percentage = (100 / 500) × 100 = 20%.

 

1. A shopkeeper buys 50 items at ₹10 each. If he sells 30 items at ₹12 each, what is his profit/loss?

 

Answer: CP = 50 × ₹10 = ₹500. SP = 30 × ₹12 = ₹360. Loss = ₹500 - ₹360 = ₹140.

 

1. What is the cost price if the selling price is ₹800 and the profit percentage is 25%?

 

Answer: Let CP be x. Then, 25% of x = ₹800 - x. Solving, x = ₹640.

 

Marked Price and Discount (3 questions)

 

1. A product's marked price is ₹1000, with a 20% discount. What is the selling price?

 

Answer: Discount = 20% of ₹1000 = ₹200. SP = ₹1000 - ₹200 = ₹800.

 

1. A shirt's marked price is ₹500, with a 15% discount. What is the selling price?

 

Answer: Discount = 15% of ₹500 = ₹75. SP = ₹500 - ₹75 = ₹425.

 

1. A store offers a 10% discount on a product marked at ₹800. What is the selling price?

 

Answer: Discount = 10% of ₹800 = ₹80. SP = ₹800 - ₹80 = ₹720.

 

Successive Discounts and Sales Tax/VAT (3 questions)

 

1. A product's price is ₹1000, with two successive discounts of 10% and 20%. What is the selling price?

 

Answer: First discount = 10% of ₹1000 = ₹100. Price after first discount = ₹900. Second discount = 20% of ₹900 = ₹180. SP = ₹900 - ₹180 = ₹720.

 

1. A trader sells an item at ₹1200, inclusive of 10% sales tax. What is the original price?

 

Answer: Let original price be x. Then, x + 10% of x = ₹1200. Solving, x = ₹1090.91.

 

1. A shopkeeper sells 20 items at ₹50 each, with a 5% VAT. What is the total amount paid by the customer?

 

Answer: Total price = 20 × ₹50 = ₹1000. VAT = 5% of ₹1000 = ₹50. Total amount = ₹1000 + ₹50 = ₹1050.

 

Here are three years' worth of questions with solutions based on the Profit and Loss topic from IPMAT, CLAT, and CUET:

 

IPMAT

2022:

 

1. A shopkeeper buys 50 kg of rice at ₹30/kg and sells it at ₹35/kg. Find his profit percentage.

 

Answer: CP = ₹1500, SP = ₹1750, Profit = ₹250. Profit Percentage = (250 / 1500) × 100 = 16.67%.

 

1. A product's marked price is ₹800, with a 20% discount. What is the selling price?

 

Answer: Discount = ₹160. SP = ₹800 - ₹160 = ₹640.

 

2021:

 

1. A trader sells 20 shirts at ₹200 each, costing ₹180 each. Find his profit/loss percentage.

 

Answer: CP = ₹3600, SP = ₹4000, Profit = ₹400. Profit Percentage = (400 / 3600) × 100 = 11.11%.

 

1. A store offers a 15% discount on a product marked at ₹500. What is the selling price?

 

Answer: Discount = ₹75. SP = ₹500 - ₹75 = ₹425.

 

2020:

 

1. A shopkeeper buys 100 pens at ₹10 each and sells them at ₹12 each. Find his profit percentage.

 

Answer: CP = ₹1000, SP = ₹1200, Profit = ₹200. Profit Percentage = (200 / 1000) × 100 = 20%.

 

1. A product's price is ₹1000, with two successive discounts of 10% and 20%. What is the selling price?

 

Answer: First discount = ₹100. Price after first discount = ₹900. Second discount = ₹180. SP = ₹900 - ₹180 = ₹720.

 

CLAT

 

2022:

 

1. A trader buys 50 kg of wheat at ₹40/kg and sells it at ₹45/kg. Find his profit percentage.

 

Answer: CP = ₹2000, SP = ₹2250, Profit = ₹250. Profit Percentage = (250 / 2000) × 100 = 12.5%.

 

1. A store offers a 25% discount on a product marked at ₹1200. What is the selling price?

 

Answer: Discount = ₹300. SP = ₹1200 - ₹300 = ₹900.

 

2021:

 

1. A shopkeeper sells 30 items at ₹50 each, costing ₹40 each. Find his profit/loss percentage.

 

Answer: CP = ₹1200, SP = ₹1500, Profit = ₹300. Profit Percentage = (300 / 1200) × 100 = 25%.

 

1. A product's marked price is ₹600, with a 10% discount. What is the selling price?

 

Answer: Discount = ₹60. SP = ₹600 - ₹60 = ₹540.

 

2020:

 

1. A trader buys 20 shirts at ₹200 each and sells them at ₹220 each. Find his profit percentage.

 

Answer: CP = ₹4000, SP = ₹4400, Profit = ₹400. Profit Percentage = (400 / 4000) × 100 = 10%.

 

1. A store offers a 20% discount on a product marked at ₹800. What is the selling price?

 

Answer: Discount = ₹160. SP = ₹800 - ₹160 = ₹640.

 

CUET

2022:

 

1. A shopkeeper buys 100 meters of cloth at ₹50/m and sells it at ₹60/m. Find his profit percentage.

 

Answer: CP = ₹5000, SP = ₹6000, Profit = ₹1000. Profit Percentage = (1000 / 5000) × 100 = 20%.

 

1. A product's price is ₹2000, with two successive discounts of 15% and 10%. What is the selling price?

 

Answer: First discount = ₹300. Price after first discount = ₹1700. Second discount = ₹170. SP = ₹1700 - ₹170 = ₹1530.

 

2021:

 

1. A trader sells 50 kg of rice at ₹40/kg, costing ₹35/kg. Find his profit/loss percentage.

 

Answer: CP = ₹1750, SP = ₹2000, Profit = ₹250. Profit Percentage = (250 / 1750) × 100 = 14.29%.

 

1. A store offers a 12% discount on a product marked at ₹1200. What is the selling price?

 

Answer: Discount = ₹144. SP = ₹1200 - ₹144 = ₹1056.

 

2020:

 

1. A shopkeeper buys 200 pens at ₹10 each and sells them at ₹12 each. Find his profit percentage.

 

Answer: CP = ₹2000, SP