Question

Amit purchased 13 chairs of Rs. 115 each and sold all at 1220. Then find the profit or loss on the transaction.

Answer 1

Hint:Here the cost price of a chair is given and number of article is also given so we will find the cost price of 13 chairs and selling price of 13 chairs is also given so we will compare the cost price and selling price to find either it is profit or loss on the whole transaction.

Complete step-by-step answer:
Given, the cost price of one chair is Rs. 115.
Therefore, the cost price of 13 chairs = 13 x 115 = Rs.1495
Now the selling price of 13 chairs is Rs.1220.
Here it is clearly
Cost price > Selling price.
Thus there is a loss in whole transaction
And loss = Cost price – Selling price = 1495 – 1220 = 275 Rs.
Therefore, Amit gets loss on the whole transaction.

Note:The price at which the article (objects) is purchased is called cost price and the price at which the article (objects) is sold is called selling price.If S. P. > C. P. Then there is a profit and profit (sometimes called gain) = S.P. – C.P.If S. P. < C. P. Then there is a loss and loss = C. P. – S. P.If there is a cost price and selling price are equal then there is no loss no gain.