The concept of Profit and Loss is very helpful in our real-time. In mathematics, we can estimate the growth of a business using its price, profit, and loss. Every product and everything has its cost price and selling price. Depending on these prices, we can estimate the profit gained or the loss incurred for a particular item. Mainly, in the Concept of Profit and Loss, we discuss the cost price, variable, fixed, and semi-variable cost, marked price, selling price, list price, margin, etc. Also, check out the profit and loss percentage formula for a better understanding.<\/p>\n
Let us consider a shop owner selling a product. If the value of the selling price is more than the cost price of a commodity, then it is a profit and if the cost price is more than the selling price, it becomes a loss.<\/p>\n
Also, Check:<\/p>\n
Let us discuss the Profit and Loss Formulas. The profit or gain is equal to the selling price minus the cost price. Also, the Loss is equal to the cost price minus the selling price.<\/p>\n
The formula for the profit and loss percentage is:<\/p>\n
Important Note:
\n(i) In case of profit, selling price > cost price and in case of loss, selling price< cost price.
\n(ii) profit or loss is usually calculated on the cost price.
\n(iii) The percentage value for profit and loss is calculated in terms of cost price.<\/p>\n
Simple tricks of profit and loss make your learning easy. Along with profit and loss, remember these tricks and use them in your real life for better learning.<\/p>\n
Example 1.<\/strong><\/p>\n Suppose a shopkeeper has bought 2 kg of apples for 200 rs. And sold it for Rs. 240 per kg. How much is the profit gained by him?<\/p>\n Solution:<\/strong> Example 2.<\/strong><\/p>\n For the above example calculate the percentage of the profit gained by the shopkeeper.<\/p>\n Solution:<\/strong> Example 3.<\/strong><\/p>\n A man buys a cooler for Rs. 2000 and sells it at a loss of 30%. What is the selling price of the cooler?<\/p>\n Solution:<\/strong> Therefore, the selling price of the cooler is Rs.1400\/-<\/p>\n Example 4.<\/strong><\/p>\n If a pencil costs Rs.40 after a 10% discount, then what is the actual price or marked price of the pencil?<\/p>\n Solution:<\/strong> Therefore, the actual price or marked price of the pencil is Rs. 44.44\/-<\/p>\n","protected":false},"excerpt":{"rendered":" The concept of Profit and Loss is very helpful in our real-time. In mathematics, we can estimate the growth of a business using its price, profit, and loss. Every product and everything has its cost price and selling price. Depending on these prices, we can estimate the profit gained or the loss incurred for a … Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":80351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ccssanswers.com\/wp-content\/uploads\/2021\/03\/Concept-of-Profit-and-Loss.png","_links":{"self":[{"href":"https:\/\/ccssanswers.com\/wp-json\/wp\/v2\/posts\/80335"}],"collection":[{"href":"https:\/\/ccssanswers.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ccssanswers.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ccssanswers.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/ccssanswers.com\/wp-json\/wp\/v2\/comments?post=80335"}],"version-history":[{"count":1,"href":"https:\/\/ccssanswers.com\/wp-json\/wp\/v2\/posts\/80335\/revisions"}],"predecessor-version":[{"id":137718,"href":"https:\/\/ccssanswers.com\/wp-json\/wp\/v2\/posts\/80335\/revisions\/137718"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ccssanswers.com\/wp-json\/wp\/v2\/media\/80351"}],"wp:attachment":[{"href":"https:\/\/ccssanswers.com\/wp-json\/wp\/v2\/media?parent=80335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ccssanswers.com\/wp-json\/wp\/v2\/categories?post=80335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ccssanswers.com\/wp-json\/wp\/v2\/tags?post=80335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nGiven that a shopkeeper has bought 2 kg of apples for 200 rs. And sold it for Rs. 240 per kg.
\nThe Cost Price for apples is 200 rs.
\nThe Selling Price for apples is 240 rs.
\nThen profit gained by shopkeeper is ; P = SP \u2013 CP
\nSubstitute the Cost Price and Selling Price in the above formula.
\nP = SP \u2013 CP
\nP = 240 – 200 = Rs\/- 40.<\/p>\n
\nWe know, Profit percentage = (Profit \/Cost Price) x 100
\nTherefore, Profit percentage = (40\/200) x 100 = 20%.<\/p>\n
\nGiven that a man buys a cooler for Rs. 2000 and sells it at a loss of 30%.
\nThe Cost Price of the fan is Rs.2000
\nLoss percentage is 30%
\nAs we know, Loss percentage = (Loss\/Cost Price) x 100
\nSubstitute the Loss and Cost Price in the above formula.
\n30 = (Loss\/2000) x 100
\nTherefore, Loss = 600 rs.
\nAs we know, Loss = Cost Price \u2013 Selling Price
\nSo, Selling Price = Cost Price \u2013 Loss
\nSubstitute the Loss and Cost Price in the above formula.
\nSelling Price = 2000 \u2013 600
\nSelling Price = Rs.1400\/-<\/p>\n
\nGiven that a pencil costs Rs.40 and a 10% discount.
\nTo find out the marked price, substitute the given values in its formula.
\nMP x (100 \u2013 10) \/100 = 40
\nMP x (90\/100) = 40
\nMP = (40 x 100)\/90
\nMP = Rs. 44.44\/-<\/p>\n