We mostly see tricky questions from profit and loss problems in aptitude tests, since it covers vast variety of topics ranging from cost price to discount. In this article, we’ll be discussing profit and loss tricks and shortcuts to solve questions in less time.
In this article, we will find a way to solve these question within a matter of time.
Basic Concepts of Profit And Loss
First, let’s look at basic concepts:
Cost price: The price you require to pay to purchase a product
Market Price: The price you see on a product
MP= SP + D
Selling price: The price on which you sell a product
SP = CP + P OR CP – L
Discount: This is imposed on Market price and deducting it from MP to get selling price
D = MP – SP
Profit: When the cost price is lesser than the selling price
P = SP – CP
Loss: When the cost price is higher than the selling price
L= CP-SP
Net Profit or Loss in %= L/CP *100 or P/CP * 100
Types of Questions Asked From Profit and Loss Problems
When selling price and % profit or % loss are given in the question, and we need to find CP
- If %profit is given then, (100/100+%profit)* SP
- If %loss is given then, (100/100-%loss)*SP
Q. A product was sold for Rs. 200 on 20% profit. What will be the cost price of the product?
Since it is a profit,
=(100/120)*200
=Rs 166.6
When Cost price and % profit or % loss are given in the question, and we need to calculate SP
- If %profit is given then, (100+%profit/100)* CP
- If %loss is given then, (100-%loss/100)*CP
Q. A product was purchased for Rs. 200 and sold on 20% profit. What will be the cost price of the product?
Since it is profit,
=((100+20)/100)*CP
=(120/100)*200
=Rs 240
When a product’s SP and %profit or %loss are given and we have to find at what cost it should be sold to achieve given %profit or %loss
- SP * (100+ %profit to achieve[ – if loss to achieve]/100-%loss [+ %profit]
Q. A product was sold for Rs. 200 on 20% profit. At what cost it should be sold to have 40% profit?
= 200*((100+40)/(100+20)
=200*(140/120)
= 200*(7/6)
= Rs. 233.3
When SP of a product is given and %profit or %loss is same as cost price. Find cost price
- In the case of profit, find two number whose multiplication give SP(LCM of SP will give you two combinations) and whose subtraction give give 10.
- In the case of loss, find two number whose multiplication give SP(LCM of SP will give you two combinations) and whose addition give 10.
- And put 0 at one’s place of a smaller number
Q. A product was sold for Rs. 75 with the same amount of %profit as cost price. What is the cost price?
Find two number whose multiplication and subtractions are 75 and 10
They are 15 and 5
So, 15*5 =75 and 15-5 =10 , condition satisfied
put 0 in front of smaller number which is 5
Rs. 50 is the answer
When Selling price of a product with %profit or %loss are given. We need to find same product’s SP if it intends to be sold on %profit or %loss
- In Such case, SP/ quantity*(100+ %profit [- if %loss]) = SP/ quantity*(100+ %profit [- if %loss])
Q. Products were sold for Rs. 200 with a profit of 20%. At what cost it should be sold to have 40% profit
200/(20*120) = x/(20*140)
(200/2400) = x/2800
(1/12) = x/2800
2800=12x
= Rs. 233.3
When two products sold at the same price each. The first product made %profit and other incurred %loss, then Find net %profit or %loss
- Make tables for each product having three columns CP, P/L and SP
- Find the %profit or %loss in form of its respective fraction and place it in the table, i.e 20% profit , 1/5, CP = 5, p =1, SP= 6
- Balance the selling price and by multiplying both side
- find a net difference between Profit and loss
- And add the CP
- And find the % of the increase
Q. A man bought two bicycles for Rs. 750 each. If he sells one at a profit of 10%, and others at a loss of 10%, find net profit or loss in %?
So , Fraction of profit 10% = 10/100 = 1/10 = CP 10, P 1, SP 10+1 , 11
Fraction of loss 10% = 10/100 = 1/10 = CP 10, L -1, SP 10-1 , 9
(-2/189)*100
Loss of 0.01%