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Formulas for finding Profit and Loss - Aptitude Questions and Answers.
TIPS FOR SOLVING QUESTIONS RELATED TO PROFIT AND LOSS:
1. The price at which an article is purchased is called its cost price (C.P.)
2. The price at which the article is sold is called its selling price (S.P.)
3. If the cost price (C.P.) of the article is equal to the selling price (S.P.), then there is no loss or gain.
4. If the selling price (S.P.) > cost price (C.P.), then the seller is said to have a profit or gain,
Gain/Profit = S.P. - C.P.
5. If the cost price (C.P.) > selling price (S.P.), then the seller is said to have a loss,
Loss = C.P. - S.P.
\begin{aligned}
6. & Gain\% = \left(\frac{Gain*100}{C.P.}\right) \\
7. & Loss\% = \left(\frac{Loss*100}{C.P.}\right) \\
8. & S.P. = \left(\frac{100+Gain\%}{100}\times C.P.\right) \\
9. & S.P. = \left(\frac{100-Loss\%}{100}\times C.P.\right) \\
10. & C.P. = \left(\frac{100}{100+Gain\%}\times S.P.\right) \\
11. & C.P. = \left(\frac{100}{100-Loss\%}\times S.P.\right) \\
\end{aligned}
12. If an article is sold at a profit/gain of 30%, then S.P. = 130% of the C.P.
13. If an article is sold at a loss of 20%, then S.P. = 80% of the C.P.
14. When a person sells two similar items, one at a gain of say x%, and the other at a loss of x%, then in this
transaction the seller always incurs a loss given by:
\begin{aligned}
\left(\frac{x^2}{100}\right)\%\\
\end{aligned}
15. A single discount equivalent to discount series of x% and y% given by the seller is equal to
\begin{aligned}
\left(x +y - \frac{xy}{100}\right)\%\\
\end{aligned}
16. If a trader professes to sell his goods at cost price, but uses false weights, then
\begin{aligned}
Gain\% = \left[\frac{Error}{\text{True value - Error}} \times 100\right] \%
\end{aligned}