Profit and loss is very easy but important part of Quantitative Aptitude section of the SSC as well as other govt. exams. You can solve any type profit and loss questions within 30-60 seconds.
Here we are sharing the Profit and Loss Hacks (Part I). We will share the Profit and Loss Hacks (Part II) later on.
So here, we will try to solve different types of profit and loss questions that have appeared in SSC and other govt. exams, and in this process we will share the important profit and loss concepts / formulas / tricks / hacks.
SP/CP = Profit/Loss factor (f)
Where,
SP = Selling price
CP = Cost Price
f = Profit/loss factor
What is this profit/loss factor? It’s simple, ‘f’ depends on the profit/loss %.
If profit% = 10, then f = 1.1
If profit% = 30, then f = 1.3
If profit% = 15, then f = 1.15
If loss% = 10, then f = 0.9
If loss% = 25, then f = 0.75
If loss% = 12.5, then f = 0.875
Please note that f depends on profit/loss percentage and not on the absolute value of Profit/Loss. So if in any question it is given that the profit is Rs. 30, then it doesn't mean that f = 1.3
Let us see some SSC questions of proft and loss that can be solved with this formula.
Q1: If cost price of 6 articles is equal to the selling price of 4 articles
, then gain % is:
A. 33 %
B. 50 %
C. 66 %
D. 75 %
Solution:
Let 's' be the SP of 1 article and 'c' be the CP of 1 article.
Given, 6c = 4s
Therefore s/c = 1.5
Gain % = 50
Answer: (B)
Q2: Selling 20 metres of cloth a man gains the selling price of 4 metres of cloth. Then the gain % is:
A. 35
B. 20
C. 25
D. 30
Solution:
Let 's' be the SP of 1 metre of cloth and 'c' be the CP of 1 metre of cloth.
Total SP = 20s, Profit = 4s
CP = SP - Profit = 16s
The ratio s/c = 20s/16s = 1.25
Gain % = 25
Answer: (C)
Q3: Ten articles bought at Rs. 8, and sold at 8 for Rs. 10. Then the gain % is:
A. 56.25%
B. 55%
C. 54.75%
D. 57.25%
Solution:
SP of 1 article(s) = Rs. 10/8 = 5/4
CP of 1 article(c) =Rs. 8/10 = 4/5
s/c = 25/16 = 1.5625
Gain % = 56.25
Answer: (A)
Q4: Kunal sold a shirt at a loss of 10%. Had he sold it for Rs 60 more, he would have gained 5% on it. Find the CP of the shirt.
Solution:
In this question we have to find the CP of the article.
c = s/f
From basic mathematics or elementary science we know that putting delta (∆) sign in numerator and denominator doesn't change the equation. ∆ stands for 'change'
c = ∆s/∆f
where ∆s = change in SP
∆f = change in factor
Therefore ∆s = New SP - Old SP = Rs. 60
∆f = New factor - Old factor
New factor is the factor when profit is 5%. Old factor is the one with loss = 10%
So ∆f = 1.05 - 0.9 = 0.15
c = ∆s/∆f = 60/0.15 = Rs. 400
Answer: Rs 400
If you have any doubt in any question that has been asked by SSC, please drop a comment.
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