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Profit and Loss - ( Arithmetic Aptitude)

IMPORTANT FACTSCost Price:The price, at which an article is purchased, is called itscost price, abbreviated asC.P.Selling Price:The price, at which an article is sold, is called itsselling prices, abbreviated asS.P.Profit or Gain:If S.P. is greater than C.P., the seller is said to have aprofitorgain.Loss:If S.P. is less than C.P., the seller is said to have incurred aloss.IMPORTANT FORMULAE
  1. Gain = (S.P.) - (C.P.)
  2. Loss = (C.P.) - (S.P.)
  3. Loss or gain is always reckoned on C.P.
  4. Gain Percentage: (Gain %)
    Gain % = Gain x 100
    C.P.
  5. Loss Percentage: (Loss %)
    Loss % = Loss x 100
    C.P.
  6. Selling Price: (S.P.)
    SP = (100 + Gain %) x C.P
    100
  7. Selling Price: (S.P.)
    SP = (100 - Loss %) x C.P.
    100
  8. Cost Price: (C.P.)
    C.P. = 100 x S.P.
    (100 + Gain %)
  9. Cost Price: (C.P.)
    C.P. = 100 x S.P.
    (100 - Loss %)
  10. If an article is sold at a gain of say 35%, then S.P. = 135% of C.P.
  11. If an article is sold at a loss of say, 35% then S.P. = 65% of C.P.
  12. When a person sells two similar items, one at a gain of sayx%, and the other at a loss ofx%, then the seller always incurs a loss given by:
    Loss % = Common Loss and Gain % 2 = x 2 .
    10 10
  13. If a trader professes to sell his goods at cost price, but uses false weights, then
    Gain % = Error x 100 %.
    (True Value) - (Error)