Cost Price:
The price, at which an article is purchased, is called its cost price, abbreviated as C.P.

Selling Price:
The price, at which an article is sold, is called its selling prices, abbreviated as S.P.

Profit or Gain:

If S.P. is greater than C.P., the seller is said to have a profit or gain.

Loss:
If S.P. is less than C.P., the seller is said to have incurred a loss.

IMPORTANT FORMULAE
1) Gain = (S.P.) - (C.P.)
2) Loss = (C.P.) - (S.P.)
3) Loss or gain is always reckoned on C.P.
4)Gain Percentage: (Gain %)
Gain % = (Gain x 100)/C.P
5) Loss Percentage: (Loss %)
Loss % = (Loss x 100)/C.P.
6) Selling Price: (S.P.)
SP = ((100 + Gain %)/100) x C.P
7) Selling Price: (S.P.)
SP = ((100 - Loss %)/100)x C.P.
8) Cost Price: (C.P.)
C.P. = (100/(100 + Gain %)) x S.P.
9) Cost Price: (C.P.)
C.P. = (100/(100 - Loss %)) x S.P.
10) If an article is sold at a gain of say 35%, then S.P. = 135% of C.P.
11) If an article is sold at a loss of say, 35% then S.P. = 65% of C.P.
12) When a person sells two similar items, one at a gain of say x%, and the other at a loss of x%, then the seller always incurs a loss given by:
Loss % = ((Common Loss and Gain %)/10)^2 = (x/10)^2.
13) If a trader professes to sell his goods at cost price, but uses false weights, then
Gain % = (Error/(True Value - Error))x 100%.Quantitative Aptitude Quizzes and Study Material

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