Check Your Quant Concepts - 4

PROFIT & LOSS 

Directions (Q. 1-10): Study the following information carefully and answer the given questions :-

1. If a Man purchases 11 oranges for Rs. 10 and sells 10 oranges for Rs11. How much profit or Loss does he make??
a)    Loss 21%
b)    Gain 21%
c)    Neither gain nor Loss
d)    Gain 23(3/5)%
e)    Loss 23%

Solution :- (b) Gain 21%
Quicker Method :-  According the question :-
Purchases   -- >  11 oranges for Rs.10
Sells -- >    10 Oranges for Rs.11.
Now, Percentage Profit or Loss is Given by:-
{[(11x11) - (10x10)] x100 } / (10x10) =21%
Since the sign is +ve, There is a gain of 21%

Also can be done as:-
Suppose the man has bought 11x10 = 110 Oranges
CP of 110 oranges = 10*110/11 = 100/-
SP of 110 oranges = 11x110/10 = 121/-
Therefore, Profit = 21/-
Profit % = (Profit/CP)x 100= (21/100) x100= 21%
 

2.  A man Purchases 8 pens for Rs. 9 and sells 9 pens for Rs.8. How Much profit or loss does he make?
a)    Loss 28%
b)    Gain 28%
c)    Loss 20.98%
d)    Gain 20.98%
e)    No loss no gain

Solution :- (c) loss 20.98%
Purchase       :- 8 for Rs.9
Sells                :- 9 for Rs.8
 % profit or Loss = {(8x8) – (9x9)} x(100/(9x9)) = -1700/81 =-20.98%

3. A boy buys oranges at 9 for Rs.16 and sells them at 11 for Rs.20. What is the Gain or loss %?
a)    Loss, 25/11%
b)    Gain 25/11%
c)    Loss 23/11%
d)    Gain 15/11%
e)    None of these

Solution :- (b) Gain 25/11%
Purchase  9 for Rs.16
Sells          11 for Rs.20
% profit or loss = [ (9x20) – (16x11) ] / [100/(16x11)] = 25/11% (+ve indicates Gain)

4. Rajesh sold an item for Rs.6400/- and incurred a loss of 20%. At what price should he have sold the item to have gained a profit of 20%?
(a)Rs.7800  
(b)Rs.9600  
(c)Rs.8750  
(d)Cant be determined
(e)None of these

Soution :- (b)
 Acc to Question
Loss=20%
Therefore, SP = 80% of CP
Required Gain =  20%
Therefore, SP = 120% of CP
Now, Unitary Method,
80% = 6400
120%= 6400x120/80 = 9600

5. Arun Sold two flats for Rs. 8,00,000/- each. On one he Gains 16% while on the other he losses 16%. How much does he Gain or loss in the whole Transaction??
a)    Gain 2.56%
b)    Loss 3.00%
c)    Gain 3.56%
d)    Loss 2.56%
e)    None of these

Solution:- (d) Loss 2.56%
Note:- In such cases,  when Common gain or Loss is there, there is always a LOSS
Therefore, Loss %= (Common loss and Gain / 10)^2 = (16/10)^2 = 64/25% = 2.56%

6.  If books bought at price ranging from Rs. 200 to Rs.350 are sold at Price ranging from Rs.300 to Rs. 425, what is the greatest possible profit that might be made in selling eight books ?
a)    Rs.400
b)    Rs.600
c)    Rs.1800
d)    Cant be determined
e)    None of these-

Solution:-(c)  Rs. 1800
To have Maximum Profit, CP shud be least and SP shud be Maximum
C P= 200
SP= 425
Gain=225 on 1 book
On 8 books Gain =225*8= 1800/-

7.  A shopkeeper expects a gain of 22.5% on his cost price. If in a week, his sale was of Rs.392, what was his profit ?
a)    Rs. 18.20
b)    Rs.70
c)    Rs.72
d)    Rs 88.25
e)    None of these

Solution :-  (c) Rs.72
CP= (100/122.5)x392 = Rs 320
Profit= Rs. (392-320) = 72

8. A dishonest dealer professes to sell his goods at cost price, but he uses a weight of 960gm for the Kg Weight. Find his Gain percent.
a)    25/6%
b)    27/6%
c)    26/5%
d)    26/7%
e)    None of these

Solution:-  (a) 25/6%
Suppose goods cost the dealer Rs.1/Kg.
Now, acc. To question:-
He sells for Rs. 1 what cost him Re0.96
Therefore, Gain on Re0.96= Re1- Re0.96 = Re0.04
Gain on Rs 100= (0.04/0.96)x100 = Rs. 25/6
Gain % = 25/6%
 

9. A grocer sells rice at a profit of 10% and uses a weight which is 20% less. Find his total percentage gain.
a)    37.5%
b)    30%
c)    28%
d)    Cannot be determined
e)    None of these

Solution :-  (a) 37.5%
Detailed Method :- Suppose he bought @ Rs X/kg.
Acc to question:-
Then, he sells at Rs.(110X/100) per (80/100)kg.
Or, at Rs.( 110X * 100) / (100* 80) per kg = 11X/8/kg
Now, % profit = {(11X/8) – X} *100/X = 300/8 = 37.5%

 

10. A man bought a cycle for Rs.250. for how much should he sell it so as to gain 10%?
a)    Rs.300
b)    Rs.275
c)    Rs.285
d)    Rs.325
e)    None Of these

 Solution :- Rs. 275
SP = 110*250/100 = 275/-