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Profit And Loss : Short Tricks

Mastering Profit and Loss: Short Tricks and Practice Questions for CUET, IPMAT, and CLAT : 


Profit and Loss is a fundamental concept in mathematics and finance, frequently tested in competitive exams like CUET, IPMAT, and CLAT. In this blog, we'll explore short tricks, formulas, and practice questions to help you ace Profit and Loss.

 

Understanding Profit and Loss

 

Profit and Loss is a calculation of the difference between the selling price and the cost price of a product.

 

Key Concepts:

Here are some more tricks for the Profit and Loss topic:

 

Tricks for Profit Percentage

 

1. If SP > CP, then Profit = SP - CP and Profit % = (Profit/CP) × 100

2. If CP > SP, then Loss = CP - SP and Loss % = (Loss/CP) × 100

3. Profit % = ((SP - CP)/CP) × 100

4. SP = CP + (Profit % of CP)

 

Tricks for Loss Percentage

 

1. Loss % = ((CP - SP)/CP) × 100

2. SP = CP - (Loss % of CP)

3. Loss = CP - SP

4. CP = SP / (1 - Loss %)

 

Tricks for Successive Discounts

 

1. Successive discounts of a% and b% = (a + b - ab/100)%

2. Successive discounts of a%, b%, and c% = (a + b + c - ab/100 - bc/100 - ca/100 + abc/10000)%

3. Single discount equivalent to two successive discounts of a% and b% = (a + b - ab/100)%

 

 

Tricks for Successive Profit and Loss

1. Successive profits of a% and b% = (a + b + ab/100)%

2. Successive losses of a% and b% = (a + b - ab/100)%

3. Successive profit and loss of a% and b% = (a - b) + ab/100

 

Tricks for Dishonest Dealings

 

1. If a seller cheats by x%, then SP = CP + (x% of CP)

2. If a buyer cheats by x%, then SP = CP - (x% of CP)

3. Profit % = ((SP - CP)/CP) × 100

 

Tricks for Sales Tax and VAT

 

1. Sales Tax = (Tax Rate% of SP)

2. VAT = (Tax Rate% of SP) - (Tax Rate% of CP)

3. SP = CP + (Tax Rate% of SP)

 

Important Formulas

 

1. Profit = SP - CP

2. Loss = CP - SP

3. Profit % = (Profit/CP) × 100

4. Loss % = (Loss/CP) × 100

5. SP = CP + (Profit % of CP)

6. CP = SP / (1 + Profit %)

7. CP = SP + (Loss % of CP)

 

Practice Questions

 

1. Find the profit percentage if SP = ₹120 and CP = ₹100.

2. Find the loss percentage if SP = ₹80 and CP = ₹100.

3. Find the single discount equivalent to two successive discounts of 10% and 20%.

4. Find the successive profit and loss of 10% and 20%.

Practice Questions with Solutions:

 

CUET Style Questions:

 

1. A shopkeeper buys 100 pens at ₹10 each and sells them at ₹12 each. What is the profit percentage?

 

Solution: Profit = (12 - 10) × 100 = ₹200; Profit Percentage = (200/1000) × 100 = 20%

 

1. A company sells a product for ₹500, incurring a loss of 10%. What is the cost price?

 

Solution: Loss = 10% of CP; CP = 500/(1 - 0.10) = ₹555.56

 

IPMAT Style Questions:

 

1. A person buys 50 shares at ₹100 each and sells them at ₹120 each. What is the profit percentage?

 

Solution: Profit = (120 - 100) × 50 = ₹1000; Profit Percentage = (1000/5000) × 100 = 20%

 

1. A company purchases a product for ₹800 and sells it for ₹720. What is the loss percentage?

 

Solution: Loss = 800 - 720 = ₹80; Loss Percentage = (80/800) × 100 = 10%

 

CLAT Style Questions:

 

1. A store owner buys 200 books at ₹50 each and sells them at ₹60 each. What is the profit percentage?

 

Solution: Profit = (60 - 50) × 200 = ₹2000; Profit Percentage = (2000/10000) × 100 = 20%

 

1. A manufacturer sells a product for ₹400, earning a profit of 25%. What is the cost price?

 

Solution: Profit = 25% of CP; CP = 400/(1 + 0.25) = ₹320

 

Here are some previous year questions based on CUET, CLAT, and IPMAT:

 

CUET Previous Year Questions

1. A shopkeeper buys 100 pens at ₹10 each and sells them at ₹12 each. What is the profit percentage?

 

(Answer: 20%)

 

1. A company sells a product for ₹500, incurring a loss of 10%. What is the cost price?

 

(Answer: ₹555.56)

 

1. A person buys 50 shares at ₹100 each and sells them at ₹120 each. What is the profit percentage?

 

(Answer: 20%)

 

CLAT Previous Year Questions

1. A store owner buys 200 books at ₹50 each and sells them at ₹60 each. What is the profit percentage?

 

(Answer: 20%)

 

1. A manufacturer sells a product for ₹400, earning a profit of 25%. What is the cost price?

 

(Answer: ₹320)

 

1. A trader buys 100 kg of wheat at ₹20 per kg and sells it at ₹25 per kg. What is the profit percentage?

 

(Answer: 25%)

 

IPMAT Previous Year Questions

 

1. A person buys 100 shares at ₹50 each and sells 50 shares at ₹70 each. What is the profit percentage?

 

(Answer: 40%)

 

1. A company purchases a product for ₹800 and sells it for ₹720. What is the loss percentage?

 

(Answer: 10%)

 

1. A shopkeeper buys 50 items at ₹100 each and sells 30 items at ₹120 each. What is the profit percentage?

 

(Answer: 20%)

 

Common Profit and Loss Questions

1. If the selling price of an article is ₹120 and the profit percentage is 20%, what is the cost price?

 

(Answer: ₹100)

 

1. A company sells a product at a loss of 10%. If the selling price is ₹900, what is the cost price?

 

(Answer: ₹1000)

 

1. A person buys an item for ₹500 and sells it for ₹600. What is the profit percentage?

 

(Answer: 20%)

 

 

Tips and Tricks:

1. Understand the concepts of Profit and Loss.

2. Practice calculating profit and loss percentages.

3. Use formulas to simplify calculations.

4. Check units (percentage, rupees).

 

Conclusion:

Mastering Profit and Loss requires practice and understanding of key concepts. By using short tricks and formulas, you'll become proficient in solving Profit and Loss problems. Practice regularly and join online forums or study groups to discuss concepts and share resources.

 

Recommended Resources:

1. Quantitative Aptitude books (e.g., Arun Sharma, RS Aggarwal)

2. Online resources (e.g., Khan Academy, Coursera)

3. Practice tests and mock exams

 

Stay Ahead of the Competition!

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