Wednesday, 16 November 2016

Profit and loss - Quantitative Aptitude

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Profit and Loss (Quantitative Aptitude) for Bank PO, Clerk, SSC CHSL, CGL and other competitive exams cost price,selling price,profit,loss,percentage,successive discount

Cost price 


The amount paid to purchase an article or the price at which an article is made, is known as its cost price.
* The Cost price is abbreviated as c.p.

Selling Price 

The price at which an article  is sold,is know as its selling price.

* The selling price is abbreviated as s.p.

Profit 

If the selling price (s.p.) of an article is greater than the cost price (c.p.) then the difference between the selling price and cost price is called profit.

Thus, if s.p.>c.p,then profit = s.p-c.p.

• S.P. = C.P.+ profit
• C.P. = S.P.- profit

Loss 

If the selling price (s.p.) of an article is less than the cost price (c.p.) then the difference between the cost price (c.p.) and the selling price (s.p.) is called loss.

Thus, if S.P.< C.P. then
Loss = C.P. - S.P.

• C.P.= S.P.+ Loss
• S.P. = C.P. - Loss

Profit and Loss percentage

The profit percent is the profit that would be obtained for a c.p. of Rs 100.

Similarly, the loss percent is the loss that would be made of a c.p. of Rs 100.

• Profit percent = profit / C.P.×100
• Loss percent = loss / C.P.×100 
• Profit = C.P.× profit % / 100
• Loss = C.P. × loss % /100
• S.P. = (100profit %) ×  C.P. / 100
• S.P. = (100- loss %) ×  C.P. / 100
• C.P. = 100 × S.P / 100 + profit %
• C.P. = 100 × S.P / 100 - profit %  

Dishonest Dealing

• Gain % = Error / True value - Error × 100 

True Scale / False Scale = 100 + gain % / 100 - loss %

Successive Method

When there are two successive profits of a % and b%, then the resultant profit percent is given by (a+b+ab/100)%

• When there is a profit of a % and loss by b % in a transaction , then the resultant profit or loss percent is given by (a-b-ab/100)%, according to the +ve or -ve sign respectively.

• When cost price and selling price are reduced by the same amount (A) and profit increase the cost price (c.p.).

[initial profit % + increase in profit %]×A / Increase in profit % 

Marked price → The price on the lable is called the marked price or list price .

* The marked price is abbreviated as M.D.

• Discount = Marked price × Rate of discount .

• S.P. = M.P. - Discount.

Discount % = Discount × 100 / M.P.× 100

• Buy x and y free i.e. , if x+y articles  are sold at cost price of x articles , then the percent discount = y/x+y ×  100.

Successive Discount

In successive discount , first discount is subtracted from  the marked price to get net price after the first discount . Taking this price as the new marked price , the second discount is calculated and it is subtracted from it to get net price after the second discount.

In case of successive discounts a % and b %, the effective discount is (a+b-ab/100)%

or single discount = [1-(1-ay/100)(1-by/100 × 100)

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