Question

A pair of shoes bought for Rs 250 and sold for Rs 325. Find profit or loss percentage.
A. 10%
B. 40%
C. 30%
D. 50%

Answer 1

Hint: First of all, we will find whether a profit or a loss is taking place with the help of the selling price and cost price given in the question. And after that, if it is a profit, we will use the formula to find profit percentage, which is given as, $\text{Profit percentage=}\dfrac{\left( \text{selling price} \right)-\left( \text{cost price} \right)}{\left( \text{cost price} \right)}\times 100$ and if it is a loss, we will use the formula, $\text{Loss percentage=}\dfrac{\left( \text{cost price} \right)-\left( \text{selling price} \right)}{\left( \text{cost price} \right)}\times 100$ and then we will substitute the values in the formula and find the answer.

Complete step by step solution:
So, now here we are given a pair of shoes bought at Rs 250 and sold at Rs 325. And we have been asked to find the percentage of profit or loss.
Before proceeding further, first of all we have to know what profit is. And then we have to know what loss is.
So, now let us discuss these terms in general.
Profit: Consider the case where a person buys an item and then sells it to someone else for a higher price than the original price of the item, then that person is making a profit. Hence, when the selling price is greater than the cost price of an item, then it is called a profit.
For example: If a person A, bought 10 apples for Rs 200 and sold it to a person B for Rs 300 then, here we can say the person A had a profit of (Rs. 300 – Rs. 200) = Rs 100.
Loss: If a person buys an item and then sells it to someone else for a price lower than the original price of the item, then that person is having a loss. Hence, when the selling price is less than the cost price, then it is called a loss.
For example: If a person A bought 15 apples for Rs 300 and sold it to a person B for Rs 100 then, here we can say the person A had a loss of (Rs. 300 – Rs. 100) = Rs 200.
Now, we will first find whether a profit or a loss is taking place so, from the question we have, the selling price = Rs 325 and cost price = Rs 250.
As we can see, the selling price is more than the cost price, hence we can say that a profit is taking place. So, we will find the profit percentage.
In order to find profit percentage, we will use the formula, that is,
$\text{Profit percentage=}\dfrac{\left( \text{selling price} \right)-\left( \text{cost price} \right)}{\left( \text{cost price} \right)}\times 100$
Here in the given question we have selling price = Rs 325 and cost price = Rs 250
So, now substituting the values in the equation of profit percentage, we have,
$\begin{align}
  & \text{Profit percentage=}\dfrac{\left( 325 \right)-\left( 250 \right)}{\left( 250 \right)}\times 100 \\
 & =\dfrac{75}{250}\times 100 \\
 & =30\% \\
\end{align}$
Hence, we get a profit percentage of 30%.
Therefore, option (C) is the correct answer.

Note: Students make mistakes while taking the values of selling price and cost price. And while applying the values in the formulas, care should be taken. Some students may take the value of the selling price as Rs. 250 and the cost price as Rs. 325. And hence, they will get it as a loss and will find the loss percentage, although they might get the correct final answer, the steps for the answer will be wrong as actually profit is taking place and not a loss.