Find the gain or loss % in the following:
CP = Rs. 46000, overheads = Rs. 4000, S.P = Rs. 60000
Answer
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Hint: First of all find the final C.P by adding the given C.P to overheads, then if S.P > C.P, then there would be profit and if C.P > S.P, then there would be a loss. Profit or loss percent is calculated by \[\dfrac{\text{Profit / Loss}}{\text{C}\text{.P}}\times 100\].
Complete step-by-step answer:
Here, we are given that C.P = Rs. 46000, overheads = Rs. 4000 and S.P = Rs. 60000. We have to find the value of gain or loss %.
First of all, let us see what these terms mean.
1. C.P: C.P is the cost price at which the shopkeeper buys the items from the retailer.
2. Overheads: Overheads are extra charges/expenses of other things like traveling, packing, etc. which are also paid by the shopkeeper so it is added in the final cost price.
3. S.P: S.P is the selling price at which the shopkeeper sells the item to the customers.
Here, we are given that
Cost price or C.P = Rs. 46000
Overheads = Rs. 4000
S.P = Rs. 60000
Since the overheads are also paid by the shopkeeper, therefore we add overhead to C.P to get the final C.P.
So, our final C.P = C.P + Overheads
= Rs. 46000 + Rs. 4000
= Rs. 50,000
Hence, we get C.P = Rs. 50,000
S.P = Rs. 60,000
Here, S.P > C.P. Therefore, there would be a profit.
We know that Profit = S.P – C.P
By substituting the values of S.P and C.P, we get,
Profit = Rs. 60000 – Rs. 50000 = Rs. 10000
Now, we know that, Profit % \[=\dfrac{\text{Profit}}{\text{C}\text{.P}}\times 100\]
By substituting the values of profit and C.P, we get,
\[\text{Profit }\!\!%\!\!\text{ }=\dfrac{Rs.10000}{Rs.50000}\times 100\]
\[=\dfrac{1}{5}\times 100\]
= 20 %
So we get a gain or profit % as 20 %.
Note: Students must take care to find the final C.P first by adding the given C.P to overheads and then only proceed. Also, the final C.P would be used everywhere to find profit, loss, profit %, etc. Also, students must remember that when S.P > C.P, then there would be profit, and when C.P > S.P, then there would be a loss.
Complete step-by-step answer:
Here, we are given that C.P = Rs. 46000, overheads = Rs. 4000 and S.P = Rs. 60000. We have to find the value of gain or loss %.
First of all, let us see what these terms mean.
1. C.P: C.P is the cost price at which the shopkeeper buys the items from the retailer.
2. Overheads: Overheads are extra charges/expenses of other things like traveling, packing, etc. which are also paid by the shopkeeper so it is added in the final cost price.
3. S.P: S.P is the selling price at which the shopkeeper sells the item to the customers.
Here, we are given that
Cost price or C.P = Rs. 46000
Overheads = Rs. 4000
S.P = Rs. 60000
Since the overheads are also paid by the shopkeeper, therefore we add overhead to C.P to get the final C.P.
So, our final C.P = C.P + Overheads
= Rs. 46000 + Rs. 4000
= Rs. 50,000
Hence, we get C.P = Rs. 50,000
S.P = Rs. 60,000
Here, S.P > C.P. Therefore, there would be a profit.
We know that Profit = S.P – C.P
By substituting the values of S.P and C.P, we get,
Profit = Rs. 60000 – Rs. 50000 = Rs. 10000
Now, we know that, Profit % \[=\dfrac{\text{Profit}}{\text{C}\text{.P}}\times 100\]
By substituting the values of profit and C.P, we get,
\[\text{Profit }\!\!%\!\!\text{ }=\dfrac{Rs.10000}{Rs.50000}\times 100\]
\[=\dfrac{1}{5}\times 100\]
= 20 %
So we get a gain or profit % as 20 %.
Note: Students must take care to find the final C.P first by adding the given C.P to overheads and then only proceed. Also, the final C.P would be used everywhere to find profit, loss, profit %, etc. Also, students must remember that when S.P > C.P, then there would be profit, and when C.P > S.P, then there would be a loss.
Last updated date: 20th Sep 2023
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