Question

A milkman sold two of his buffaloes for Rs.20,000 each. On one he made a gain of 5% and on the other a loss of 10%. Find his overall gain or loss.
A.Loss = Rs 1269.84
B.Loss = Rs 1278.14
C.Loss = Rs 1314.56
D.Loss = Rs 1254.42

Answer 1

Hint- to find the overall gain or overall loss calculate the cost price of each buffaloe by using the given loss percent and gain percent of each buffaloe.


Complete step by step solution:
In the question it is given that the selling price (S.P.) of both the buffaloes is Rs 20,000
First we will calculate the cost price of the buffaloes for which the milkman gains 5 % profit.
Gain = 5%

SP of buffalo1 = Rs 20,000

So, Cost price of buffalo1
\[
   = \dfrac{{100}}{{105}} \times 20,000 \\
   = \;Rs.\;19047.62 \\
 \]
Similarly the selling price(S.P.) of the buffaloes for which the milkman loss is 10 % is equal to Rs 20,000.
Now we will calculate the cost price of the second buffaloes

SP of buffalo2 = Rs 20,000
Loss =10%
Cost price of buffalo2
\[ = \dfrac{{100}}{{90}} \times 20,000\]
\[ = \;Rs\;22,222.22\]
To find the overall gain or loss we will find first the total cost price and total selling price.
So the total cost price of both the buffaloes = Cost price of buffalo1 + Cost price of buffalo2
\[ = \;Rs\;22,222.22 + Rs.\;19047.62\]
\[ = \;Rs\;41269.84\]
So the total Cost price = Rs 41269.84
Now calculate the total selling price
Total selling price = S.P. of buffalo 1 + S.P. of buffalo 2
\[
   = \;Rs\;20,000 + Rs.\;20,000 \\
   = Rs\;40,000 \\
\]
So the total selling price = Rs 40,000
We see the total cost price is greater than the total selling price that means milkman has overall loss
Loss = total cost price – total selling price
\[
   = \;Rs\;41269.84 - Rs\;40,000 \\
   = Rs\;1269.84 \\
 \]
 Hence the overall loss of the milkman is Rs1269.84.
Therefore the option A is the correct answer for this question.


Note: To find the overall gain or loss for this type of problem we will find the total cost price and total selling price then take their difference.Also it is important to note that profit or loss % is always calculated on the cost price ad not on the marked price or selling price