Profit and Loss - Part-1

Profit and Loss - Part-1

 

Profit/Loss is another easy topic of SSC CGL. Most of the questions can be solved in less than 30 seconds. First let me introduce a formula that will be used in solving 50% of the questions.

Where,
SP = Selling price
CP = Cost Price
f = Profit/loss factor

What is this profit/loss factor ? It’s simple, ‘f’ depends on the profit/loss %
If profit% = 10, then f = 1.1
If profit% = 30, then f = 1.3
If profit% = 15, then f = 1.15
If loss% = 10, then f = 0.9
If loss% = 25, then f = 0.75
If loss% = 12.5, then f = 0.875
Please note that f depends on profit/loss percentage and not on the absolute value of Profit/Loss. So if in any question it is given that the profit is Rs. 30, then it doesn't mean that f = 1.3

Let us see some SSC CGL questions that can be solved with this formula

Q. 1

Let 's' be the SP of 1 article and 'c' be the CP of 1 article.
Given, 6c = 4s
Therefore s/c = 1.5
Gain % = 50
Answer : (B)

Q .2. 

Let 's' be the SP of 1 metre of cloth and 'c' be the CP of 1 metre of cloth
Total SP = 20s, Profit = 4s
CP = SP - Profit = 16s
The ratio s/c = 20s/16s = 1.25
Gain % = 25
Answer : (C)

Q . 3.

SP of 1 article(s) = Rs. 10/8 = 5/4
CP of 1 article(c) =Rs. 8/10 = 4/5
s/c = 25/16 = 1.5625
Gain % = 56.25
Answer : (A)

Q) 4. Kunal sold a shirt at a loss of 10%. Had he sold it for Rs 60 more, he would have gained 5% on it. Find the CP of the shirt.

In this question we have to find the CP of the article

c = s/f
From basic mathematics or elementary science we know that putting delta (∆) sign in numerator and denominator doesn't change the equation. ∆ stands for 'change'
c = ∆s/∆f
where ∆s = change in SP
∆f = change in factor
Therefore ∆s = New SP - Old SP = Rs. 60
∆f = New factor - Old factor
New factor is the factor when profit is 5%. Old factor is the one with loss = 10%
So ∆f = 1.05 - 0.9 = 0.15
c = ∆s/∆f = 60/0.15 = Rs. 400
Answer : Rs 400

Please Check the Link for the Part-2

• Profit and Loss Tricks Part-2

If you have any doubt in any question that has been asked by SSC, please drop a comment.

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