Question

Find the profit or loss and its percentage in the following cases:
A. Gardening shears bought for Rs. 250 and sold for Rs. 325.
B. A refrigerator bought for Rs. 12000 and sold for Rs. 13500.
C. A cupboard bought for Rs. 2500 and sold for Rs. 3000.

Answer 1

Hint: The concept of profit and loss comes from the difference of selling price and cost price. If the selling price is greater than cost price then we have profit and if the selling price is less than cost price then we have loss. We find the amount of loss or profit. Then from the formula $ \dfrac{profit/loss}{\cos t}\times 100 $ , we find the percentage.

Complete step by step solution:
We find the profit or loss from the difference of the cost price and the selling price. If the selling price is greater than cost price then we have profit, otherwise we have loss.
Then we find the percentage from the formula $ \dfrac{profit/loss}{\cos t}\times 100 $ .
For gardening shears bought for Rs. 250 and sold for Rs. 325, the profit is $ 325-250=75 $ .
The profit percentage is $ \dfrac{75}{250}\times 100=30\% $ .
For a refrigerator bought for Rs. 12000 and sold for Rs. 13500, the profit is $ 13500-12000=1500 $ .
The profit percentage is $ \dfrac{1500}{12000}\times 100=\dfrac{25}{2}\% $ .
For cupboards bought for Rs. 2500 and sold for Rs. 3000, the profit is $ 3000-2500=500 $ .
The profit percentage is $ \dfrac{500}{2500}\times 100=20\% $ .

Note:
 The profit or loss percentage is always dependent on the cost price. It is never calculated based on the selling price. If otherwise mentioned we will always use the formula of $ \dfrac{profit/loss}{\cos t}\times 100 $ to find the percentage. We can notice that the items are sold for a higher price than they are bought for in all subparts. So, we will have profit in each case.