Profit and Loss Test Paper 1
1) A shopkeeper sold an article for Rs. 2500. If the cost price of the article is 2000, find the profit percent.
- 23%
- 25%
- 27%
- 29%
The Correct answer is (B)
Answer with explanation:
C.P. = Rs. 2000
S.P. = Rs. 2500
Profit or Gain = S.P. -C.P.
= 2500 – 2000 = 500
Apply formula: Profit % =Profit ∗100
                    C.P.
    =500 ∗100 =25 %
     2000
2) A man purchases a TV for Rs. 8000 and sells it at 10% loss. What is the selling price of T.V?
- Rs.7200
- Rs.7000
- Rs.6900
- Rs.6500
The Correct answer is (A)
Answer with explanation:
C.P. of the TV = Rs. 8000
S.P. of the TV =?
Loss incurred = 10%
Apply formula: Selling Price =
* C.P.
Therefore, S.P. =
* 8000
= 
* 8000 = 7200
3) Ramesh bought a chair for Rs. 1540 and sold it to Suresh. If Ramesh earned a profit of 25%, find the selling price of chair.
- Rs.1875
- Rs.1900
- Rs.1925
- Rs.1950
The Correct answer is (C)
Answer with explanation:
C.P. of the chair = Rs. 1540
S.P. of the chair =?
Profit earned = 25%
Apply formula: Selling Price =(100+Profit%) ∗C.P.
                            100
Therefore, S.P. =(100+25) ∗1540
               100
    =125 ∗1540
     100
=1925
4) A shopkeeper purchases a table and sells it for Rs. 4200. If he incurs a loss of 20%, find the cost price of table.
- Rs.5250
- Rs.5150
- Rs.5052
- Rs.5200
The Correct answer is (A)
Answer with explanation:
S.P. of the table = Rs. 4200
C.P. of the table =?
Loss incurred = 20%
Apply formula: Cost Price =
∗ S.P.
C.P. =
∗4200
    =100 ∗4200
      80
= 5250
5) Suresh bought a cell phone from a shop. If he sells it at Rs. 8400 to Mahesh and earns a profit of 12%, find the price at which Suresh bought the cell phone.
- Rs.7100
- Rs.7250
- Rs.7350
- Rs.7500
The Correct answer is (D)
Answer with explanation:
S.P of the cell phone = Rs. 8400
C.P. of the cell phone =?
Profit earned = 12 %
Apply formula: Cost Price =
∗S.P.
Therefore, C.P. =
∗8400
    =100 ∗8400 = 7500
     112
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Profit & Loss Concepts