Wednesday, 11 May 2016

Profit and Loss Tricks for Banking Exams

Dear Expert readers. Today Good news for you special that in a series of publishing and sharing free study notes/quiz material for State Bank of India recruitment and other Bank jobs/recent Govt Jobs examinations are highly competitive. In fact, the level of competition in SBI PO and SBI Clerk is even higher than that in IBPS PO. Without exception, the number of candidates per seat is greater in case of SBI recruitment exams. However, no matter which banking exam you appear in, one thing is certain and that is the importance of arithmetic in quantitative aptitude section. You must read Profit and loss Formulas Problems and Tricks presented by team mm. In our previous article we posted Profit & Loss Free Study notes and Pdf Download link file for your better recruitment exam preparation and getting high score in your online exams.

With in arithmetic, profit and loss is a topic that has considerable importance. You can easily expect 2 to 3 questions from this topic, if not more. But, it has been seen that candidates sometimes get puzzled while facing these questions. Keeping this in mind, the faculty members teaching Maths at the Institute for Best SBI PO/Clerk Coaching in Delhi/Mumbai/Pune have explained below the concepts & short tricks you should know to handle profit and loss.

SHORT TRICKS FOR LOSS AND PROFIT CHAPTER or Shortcut tricks on Profit and Loss Shortcut Tricks will help you to do Profit and Loss. Quantitative Aptitude which is a very essential paper in banking exam. Here you learn better and easy way Tricks and Formulas to solve the P&L Questions and answers. Aptitude Questions, profit and loss formulas for bank exams, Profit and loss formulas, questions with answers shortcuts tricks pdf are available here. 

Basic Concepts & Formulas
Simply method that Profit and Loss is a difference between selling price and cost price. We can easily calculate the gain and loss percentage by using the profit and loss formulas. You check and read Important formulas and shortcuts for profit and loss in Quantitative aptitude section given below.
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NOTE: Profit or Loss is always calculated on Cost Price only.
Question – 1: A man made a profit of 25% while selling a book for Rs. 250. Find the Cost Price of the book.
Solution: Rs. 200
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⇒ CP = 250×100/125 = Rs. 200
Question – 2Nikita sold a pen for Rs. 900 thus making 10% loss. Find the Cost Price of that pen.
Solution: Rs. 1000
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⇒ CP = 900×100/90 = Rs. 1000
Question – 3: If the ratio of Cost Price to Selling Price of an article is 5:7. Find profit %.
Solution: 40%
Given, CP/SP = 5/7
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Question – 4: If the Cost Price of 12 oranges is equal to the Selling Price of 8 oranges. Find profit%.
Solution: 50%
Given, 12 CP = 8 SP
⇒ CP/SP = 8/12
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Question – 5: If the Cost Price of 12 oranges is equal to Selling Price of 16 oranges. Find the loss %.
Solution: 25%
Given, 12 CP = 16 SP
⇒ CP/SP=16/12
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Question – 6: On selling 10 objects, a merchant’s loss is equal to the Cost Price of 2 objects. Find his loss %.
Let us suppose that the merchant bought and sold 10 objects.
Now, it is given that Loss = 10 CP – 10 SP = 2 CP
⇒ 10 CP – 2 CP = 10 SP
⇒ 8 CP = 10 SP
⇒ CP/SP = 10/8
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Question – 7: By selling 33 meters of cloth, a man gains the Selling Price of 11 meters. Find the gain percent.
Solution: 25%
Let us suppose that the man bought and sold 33 meters of cloth.
Now, it is given that Profit = 33 SP – 33 CP =11 SP
⇒ 33 SP – 11 SP = 33 CP
⇒ 22 SP = 33 CP
⇒ CP/SP = 22/33
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Question – 8: A corrupt merchant professes to sell rice at Cost Price, but he uses a false weight of 800 grams for 1kg weight. What is his profit percent?
Solution: 25%
Suppose 1gm of rice costs 1 rupee. The merchant gives 800 grams rice to the customer, while charging the price of 1000 grams.
So, his gain is 200 grams on every 800 grams. i.e., for Rs. 800 investment, his gain is Rs. 200.
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Question – 9: A man sold an item at 10% profit. If the item had been sold for Rs. 50 more, the man would have gained 15%. The Cost Price of the item is:
Solution: Rs. 1000
Let the cost price of the item be Rs. 100.
Difference in two Selling Prices = 15% – 10 % = 5% of Cost Price
Actual difference in two Selling Prices = Rs. 50 (i.e. 10 times of 5)
Therefore, Cost Price = 10 × Rs. 100 = Rs. 1000

Question – 10: A device is sold at a loss of 10%. Had it been sold at a profit of 15%, it would have fetched Rs. 50 more. The Cost Price of the device is:
Solution: Rs. 200
Difference in two Selling Prices = 15% – (-10%) = 25% of Cost Price
Actual difference in 2 Selling Prices = Rs. 50 (i.e. 2 times of 25)
Therefore, Cost Price = 2 × Rs. 100 = Rs. 200

Question – 11: A man sells an article at a profit of 25%. Had he bought this article at 20% less and sold it for Rs. 10.50 less, he would have gained 30%. Find the CP of the article.
Solution: Rs. 50
Let the CP be Rs. 100. So, SP is Rs. 125.
The new CP is Rs. 80. So, the new SP = 130% of (80) = Rs. 104
So, the difference of Selling Prices = Rs. 21.
Actual difference in two Selling Prices = Rs. 10.5 (i.e. ½ of 21)
Therefore, Cost Price = 1/2 × Rs. 100 = Rs. 50

Question – 12: A person buys some oranges @ 6 for Rs. 5 and sells them @ 5 for Rs. 6; find his gain % in the whole transaction.
Here, CP of 6 oranges = Rs. 5
SP of 5 oranges = Rs. 6
Take LCM of 6 and 5 = 30
Let the number of oranges bought and sold be 30.
Then CP of 30 (6×5) oranges = Rs. 5×5 = 25
SP of 30 (5×6) oranges = Rs. 6×6 = 36
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From the solved examples given above, you must have understood the approach that needs to be followed while attempting profit and loss questions. Now, you should focus on attempting some more practice problems so that your concepts get strengthened further. Moreover, don’t forget to take online mock tests offered by the team meritmock.
This article on profit & loss has been written keeping in mind the challenges faced by candidates who are engaged in banking exam preparation. In case of any doubts or queries, you can write to and get guidance from competitive exam experts at meritmock Institute.

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