Cost Price: Cost price is an amount of quantity which firstly releases from the pocket of that person.
The price at which an article is purchased or manufactured is called its cost price. It is denoted by C.P.
Selling Price: Selling price is, an amount or quantity which comes to the pocket of that person.
Profit or Gain: If S.P> is greater than CP, then seller said to be have a profit or gain.
Profit=Selling priceCost price
Loss: If S.P. less than C.P the seller is said to have a loss.
Loss=Cost priceSelling price
Profit and loss are always counted on C.P.
CP is always 100% in the case of profit and loss.
Marked Price: MRP of an article is known as marked price or labeled price or listed price and denoted by MP.
Discount always carried on MP (MRP)
MP is always 100% in the case of discount.
Gain=S.PC.P
Gain%= Loss*100/C.P
Loss%= Loss*100/C.P
When the cost price and loss percent are given
S.P= (100Loss%/100)*C.P.
When the cost and gain percent are given
S.P= (100+Gain%/100)*C.P
When the selling price and gain% are given
C.P= (100/100+Gain %)*S.P
When the selling price and loss percent are given
C.P= (100/100Loss %)*S.P.
The Profit and Loss Test also requires the tests to learn skills from the test as the test proceeds, challenging thinking skills.
Profit and Loss Problems will be used for all Competitive exams.
