Question

Sarla purchased a second hand washing machine for ₹ 5000 and spent ₹ 400 on its repairs. She sold it for ₹6300 . Find here loss or profit percent.

Answer 1

Hint: n this question, given that the cost price of the washing machine is \[₹5000\] and she repairs it for \[₹400\] . And then she sold it for \[₹6300\] . Here we need to find whether it is loss or profit and also need to find the percent. First we need to find whether it is profit or loss. Then we need to find the percent.
Formula used :
\[\text{Profit} = \text{Selling price} – \text{Cost price}\]
The formula to find the profit percent is
\[\text{Profit percent} = \dfrac{\text{Profit}}{\text{Cost price}} \times 100\]

Complete step-by-step solution:
Given,
\[\text{Price} = ₹5000\]
\[\text{Expenses} = ₹400\]
\[\text{Total cost price} = \ ₹ 5000\ + \text{Overhead expenses}\]
\[=\ \ ₹5000\ + \ ₹400\]
By adding,
We get,
\[\text{Cost price} = \ ₹5400\]
Given,
\[\text{Selling price} = \ ₹6300\]
From this we can conclude that selling price is greater than the cost
Price.
\[\text{Selling price} > \text{Cost price}\]
If the selling price is greater than the cost price it must be profit.
Now we need to find the profit amount,
\[\text{Profit} = \text{Selling price} - \text{Cost price}\]
\[\text{Profit}= \ ₹6300\ - \ ₹ 5400\]
\[= ₹ 900\]
Now we need to find the profit percent,
\[\text{Profit percent} = \dfrac{\text{Profit}}{\text{Cost price}} \times 100\]
By substituting the values in the formula,
We can get the profit percent.
\[\text{Profit percent} = \dfrac{900}{5400} \times 100\]
By dividing ,
We get,
\[\text{Profit percent}= \dfrac{1}{6} \times 100\]
\[= \dfrac{100}{6}\]
By simplifying,
We get,
\[\text{Profit percent} = 16.67\%\]
Final answer :
\[\text{Profit percent} = 16.67\%\]

Note: If our expenses are less than the money we earn, that is known as Profit. Profit is determined by subtracting total income and the expenses. Similarly if our expenses are greater than our incomes that is known as loss. The formula used to calculate the loss percent is \[Loss\ \% = \ \dfrac{{Loss}}{{Cost}{\ price\ }} \times 100\]