Practice Paper on Profit and Loss for CLAT 2020

  1. If Sneha Purchased 15 notebooks for Rs. 400. And Sold them at the rate of 10 notebooks at Rs. 300. Find the profit/loss%.
  2. A shopkeeper earns 5% gain, amounting to Rs. 50. If the loss is 15%, then how much is the loss amount.
  3. If a seller increases the Cost price of the article by 10% (list Price) and then give a 10% discount. At what price the customer buy the article?
  4. In the Previous question what is the loss%, and at what SP the shopkeeper should sell the article to make a 10% profit? Also, with the new condition, what should be the MP with a 10% discount?
  5. If the cost price of 10 ballons is equal to the selling price of 8 ballons. What is the profit/loss 5 that the seller makes?
  6. On selling 5 buns the seller gains the SP of 2 buns. Find the Gain %.
  7. A shopkeeper weights 990 gms instead of 1000 gms while selling Rice. If he sold the rice at its cost price, find the profit/loss% he earned.
  8. A Retailer buys Scarfs at a 20% discount on the label price. If he wants a 25% profit after allowing a discount of 10%, then what should be the marked price?
  9. If an article is marked for sale at Rs. 120 at which the discount given is 5%. What are the selling price and Cost Price of the article if the loss incurred is 3%.
  10. A shopkeeper P makes two successive discounts of 20% and 10% while another shopkeeper Q gives a discount of 15% twice. Which shopkeeper a customer would consider buying the article.

Answer and Solutions:

  1. Answer: No profit no loss

Solution: CP for 15 notebooks = Rs. 400

Cp for 1 notebook = Rs. 450/15 = Rs. 30

SP for 10 notebooks = Rs. 300

Sp for 1 notebook = Rs.300/10 = Rs. 30

As CP for 1 book = SP for 1 book

Hence, No Profit no loss.

  1. Answer: 150

Solution: Profit = Rs. 50  (SP – CP) …(i)

    P% = 5%, (SP – CP)/CP (using above equation (i)

    5% = (SP-CP) *100/CP

     0.05 = 50 /CP

CP = Rs. 1000

Loss % =15%

Loss = Loss% *CP = 15%*1000 = 150

    Loss amount = Rs. 150

  1. Answer:

Solution: Let the Cost Price of the erticle be Rs. 100, and mark up by 10%

               List price = CP * (1+Mark up %) = 100* (1+0.1) = Rs. 110

               Discount given is 10%,

Selling Price = List Price(1-d%) = 110(1-0.1) = 110*0.9 =Rs. 99

  1. Answer: Loss 1%

 SP= Rs. 110 & MP = Rs. 122.22

Solution: Loss = CP- SP = 100-99 = 1

             Loss % = 1/100 = 1%

To get a 10% profit, SP = CP*(1+P%) = 100*(1+0.1) = Rs. 110

With 10% discount, MP = SP/(1-d%) = 110/(1-0.1) = 110/0.9 = Rs. 122.22

  1. Answer: 25%

Solution: CP of 10 ballons = SP of 8 ballons

               Let the cost price of one ballon be Rs. 1

CP of 10 ballons = Rs. 10

SP of 8 ballons = Rs. 10

SP of 1 article = Rs. 10/8 =Rs. 1.25

Profit = Rs. 1.25 – Rs. 1 = Rs. 0.25

              Profit % = 0.25*100/1  = 25%

  1. Answer: 66.66%

Solution: Let SP of 1 one bun be Rs. 1

                SP of 5 buns = Rs. 5

Profit = SP of 2 buns = Rs. 2 = SP (5 articles)– CP

CP = Rs. 5 – Rs. 2 =Rs. 3 (using above equation)

                Profit = 2*100/3 = 66.66%

  1. Answer: 1%

Solution: Let the cost price of 1000gms is Rs. 100

CP of 10 gms = Rs. 1

Selling Price for 990gms of Rice = Rs. 1*99 =Rs. 99

Even if the shopkeeper is weighing less rice he is making loss,

Loss= CP-SP = 100-99 = Rs.1

                Loss % = 1*100/100 = 1%

  1. Answer: Rs. 111

Solution: In such questions start from the top when the retailer bought the item and start solving from there.

Let the Label Price be Rs. 100

After the discount of 20%, the retailer buys it at Rs. 100(1-0.2) = Rs. 80

The retailer wants a profit of 25% but mark up the price such that he can a give a discount of 10%, hence first we will find SP at which he can get 25%  and the mark up the d% in that SP.

SP for the Scarf = Rs. 80(1+0.25) = Rs. 100

To sell at 100 after giving 10% discount, Markup = 100/(1- 0.1) = Rs. 111.1

  1. Answer: Rs 117.5

Solution: MP = Rs. 120

               Discount = 5%

SP = MP(1-d%) = 120(1-0.05) = 120*0.95 = 114

Loss = 3%

L% = (C – S)*100 /C

Or C= S/(1-L%) = 114/(1-0.03) = 114/0.97 = Rs.117.5

  1. Answer: Shopkeeper P

Solution: Let the Listed Price of the article for both the shopkeepers be Rs. 100

Shopkeeper P Selling Price= Mp(1-d1%)(1-d2%) = Rs. 100(1-0.2)*(1-0.1)

= 100*0.8*0.9 = Rs. 72

Shopkeeper Q Selling Price= Mp(1-d1%)(1-d2%) = Rs.100(1-0.15)(1-0.15)

= 100*0.85*0.85 = Rs. 72.25

As a customer SP for Shopkeeper P is a better option as it is less than SP of Shopkeeper Q

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