Practice MCQ Questions and Answer on Profit and Loss

51.

Ranjan purchased 120 tables at a price of Rs. 110 per table. He sold 30 tables at a profit of Rs. 12 per table and 75 tables at a profit of Rs. 14 per table. The remaining tables were sold at a loss of Rs. 7 per table. What is the average profit per table ?

(A) Rs. 10.04
(B) Rs. 10.875
(C) Rs. 12.80
(D) Rs. 12.875

Solution: Total C.P. = Rs. (120 × 110) = Rs. 13200 Total S.P. = Rs. [(30 × 110 + 30 × 12) + (75 × 110 + 75 × 14) + (15 × 110 - 15 × 7)] = Rs. 14505 $\begin{aligned} Average profit \\ = Rs . (\frac{14505 - 13200}{120}) \\ = Rs . \frac{1305}{120} \\ = Rs .10 .875 \end{aligned}$

52.

A man sells two chairs at Rs. 120 each and by doing so he gains 25% on one chair and loses 25% on the other. His loss on the whole in Rs. is = ?

(A) 20
(B) 16
(C) 25
(D) 30

Solution: $\begin{aligned} C .P . of first chair \\ = \frac{100}{125} \times 120 = Rs . 96 \\ C .P . of second chair \\ = \frac{100}{75} \times 120 = Rs . 160 \\ ∴ Loss = 160 + 96 - 240 \\ = Rs . 16 \end{aligned}$

53.

Previously, the manufacturing cost of a product was thrice the cost of raw material. Now the cost of raw material increases in the ratio 5 : 12 and manufacturing cost increases in the ratio of 3 : 5. The previous cost of the product was Rs. 8. What should be the present selling price so that 25% profit can be made?

(A) Rs. 13.70
(B) Rs. 14.80
(C) Rs. 18.50
(D) Rs. 19.50

Solution: Original C.P. of the product = Rs. 8. Original manufacturing cost $\begin{aligned} = Rs . (\frac{3}{4} \times 8) \\ = Rs . 6 \end{aligned}$ Original cost of raw material $\begin{aligned} = Rs . (8 - 6) \\ = Rs . 2 \end{aligned}$ New manufacturing cost $\begin{aligned} = Rs . (\frac{5}{3} \times 6) \\ = Rs . 10 \end{aligned}$ New cost of raw material $\begin{aligned} = Rs . (\frac{12}{5} \times 2) \\ = Rs . \frac{24}{5} \end{aligned}$ New S.P. of the product $\begin{aligned} = Rs . (10 + \frac{24}{5}) \\ = Rs . \frac{74}{5} \end{aligned}$ $\begin{aligned} ∴ Desired S .P . \\ = 125 % of Rs . \frac{74}{5} \\ = Rs . (\frac{125}{100} \times \frac{74}{5}) \\ = Rs .18 .50 \end{aligned}$

54.

A trader sells two bullocks for Rs. 8400 each, neither losing nor gaining in total. If he sold of one of the bullocks at a gain of 20%, the other is sold at a loss of = ?

(A) 20%
(B) $18 \frac{2}{9}$ %
(C) $14 \frac{2}{7}$ %
(D) 21%

Solution: Total selling price of two bullocks = 8400 + 8400 = 16800 ∴ Cost price of first bullock = 8400 × $\frac{100}{120}$ = Rs. 7000 According to the question, there is no profit or loss. ∴ Cost price of second bullock = 16800 – 7000 = Rs. 9800 Selling price of second bullock = Rs. 8400 ∴ Loss = 9800 – 8400 = Rs. 1400 ∴ Percentage loss on second bullock $\begin{aligned} = \frac{1400}{9800} \times 100 % \\ = \frac{100}{7} % \\ = 14 \frac{2}{7} % \end{aligned}$

55.

The difference between a discount 40% on Rs. 500 and two successive discounts of 30% and 10% the same amount is:

(A) Rs. 20
(B) Rs. 10
(C) Rs. 15
(D) Rs. 0

Solution: 40% discount on 500 = $\frac{40 \times 500}{100}$ = Rs. 200 Two successive discount 30% and 10% on 500 would be 500 ===30% discount ⇒ Rs. 350 350 ===10% discount = 315 Total discount in first case = Rs. 200 Total discount in second case = 500 - 315 = Rs. 185 So, difference = Rs. 15

56.

A man bought two goats for Rs. 1008. He sold one at a loss of 20% and other at a profit of 44% if each goat was sold for the same price the cost price of the goat which was sold at loss, was = ?

(A) Rs. 648
(B) Rs. 360
(C) Rs. 568
(D) Rs. 440

Solution: Let the CP of two goats be → x & y $\begin{aligned} x \times \frac{80}{100} = y \times \frac{144}{100} \\ \frac{x}{y} = \frac{144}{80} \\ = \frac{18}{10} \\ = \frac{9}{5} \\ CP of goats sold at loss \\ \Rightarrow 1008 \times \frac{9}{14} \\ \Rightarrow 72 \times 9 \\ = Rs . 648 \end{aligned}$

57.

A shopkeeper earns 10% on an investment but loses 20% on another investment. If the ratio of the two investments is 2 : 3, then the combined loss percentage is:

(A) 5.5%
(B) 7%
(C) 6%
(D) 8%

Solution: Investments = 200 : 300 $\begin{matrix} 200 & : & 300 \\ ↓ + 10 % & ↓ - 20 % \\ 220 & 240 \end{matrix}$ Investments = 500 After increase/decrease = 460 Loss = 40 Loss % = $\frac{40}{500}$ × 100 = 8%

58.

A shopkeeper bought 120 quintals of wheat. 20% of it was sold at 25% loss. At what percent gain should he sell the rest to gain 25% on the whole transaction?

(A) 35
(B) $37 \frac{1}{2}$
(C) $36 \frac{1}{2}$
(D) 40

Solution: Quantity of wheat bought by shopkeeper = 120 Let the price of the 120 quintals of wheat = Rs. 120 According to the question $\begin{aligned} 120 \times \frac{1}{5} \times \frac{75}{100} + 120 \times \frac{4}{5} \times \frac{100 + x}{100} = 120 \times \frac{125}{100} \\ \Rightarrow 18 + \frac{24}{25} \times (100 + x) = 150 \\ \Rightarrow \frac{24}{25} \times (100 + x) = 150 - 18 \\ \Rightarrow \frac{24}{25} \times (100 + x) = 132 \\ \Rightarrow 100 + x = 132 \times \frac{25}{24} \\ \Rightarrow 100 + x = 137.5 \\ \Rightarrow x = 137.5 - 100 \\ \Rightarrow x = 37.5 % or 37 \frac{1}{2} % \end{aligned}$

59.

A reduction of 20% in the price of sugar enables a housewife to purchase 6 kg more for Rs. 240. What is original price per kg of sugar.

(A) Rs. 10 per Kg
(B) Rs. 8 per Kg
(C) Rs. 6 per Kg
(D) Rs. 5 per Kg

Solution: It is based on inverse proportion or product constancy concept. Reduction in price 20% amount of sugar will increase 25% It means, 25% = 6 Kg. So, Initially, total Sugar = 6 × 4 = 24Kg. Thus, Original price of the sugar was, $\frac{240}{24}$ = Rs. 10 per kg. Note: Let initial price of 100 kg Sugar was Rs. 100. Now, 20% decrease in rate then rate of 100 kg sugar would be Rs. 80. So, Rs. 80 = 100 kg sugar. Rs. 1 = $\frac{100}{80}$ kg sugar. Rs. 100 = $\frac{100 \times 100}{80}$ = 125 Kg sugar. Increment in sugar = 25 kg. % increment = $\frac{25 \times 100}{100}$ = 25%. Means 20% rate decrease, 25% of consumption increase.

60.

A radio is sold for Rs. 990 at a profit of 10% . What would have been the actual profit or loss on it had it been sold for Rs. 890 ?

(A) Rs. 10 loss
(B) Rs. 10 profit
(C) Rs. 90 loss
(D) Rs. 90 profit

Solution: Selling price of a radio (SP) = Rs 990 profit (g) = 10% Let the cost price = CP $\begin{aligned} CP = \frac{SP \times 100}{100 + g} \\ \Rightarrow C P = \frac{990 \times 100}{100 + 10} \\ = \frac{990 \times 100}{110} \\ = Rs . 900 \\ Now, \\ CP = R s . 900 \\ SP = R s . 890 \\ CP > SP \\ He gets loss \\ = Rs . 900 - Rs . 890 \\ = Rs . 10 \end{aligned}$

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Practice MCQ Questions and Answer on Profit and Loss

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