7 Ways to Solve Profit and Loss – Bank Exam Tips – Bank Exam Tutorial
Now a days job seekers are preparing for the bank exams. Lakhs of candidates applies for these Bank exams every year. This year also massive numbers of applicants were applied for the many bank jobs. In bank jobs, number questions will be asked from profit and loss concepts. Candidates feel very difficult and tough to prepare this topic. For that reason we are providing the 7 Ways to Solve Profit and Loss concepts with simple formulas and examples here. Interested applicants can download the following steps to solve profit and loss problems easily.
7 Ways to Solve Profit and Loss Problems:
All the candidates who are applied for various competitive exams, those can download the following 7 Ways to Solve Profit and Loss Problems.
Step 1: Direct Formula Based Profit and Loss Percentages:
This type is very straightforward and is formula based. Let CP be Cost Price of an item and SP be Selling Price.
If SP is greater than CP, then there is profit in the transaction. Profit value and percentage can be calculated using below two formulas:
Profit= SP – CP
Profit Percentage= (Profit/CP)*100%
If SP is lesser than CP, then there will be loss in the transaction. Loss value and percentage can be calculated using the below formulas.
Loss Percentage= (Loss/CP)*100%
Cost Price CP=Rs.100/- and Selling Price SP=Rs.150/-
Based on the Formula, Profit=SP-CP=150-100=50
Profit Percentage=50/100*100% =1/2*100% =50%.
Step 2: Profit and Loss when selling different varieties of same item:
A seller will buy two varieties of an item at two different cost prices. Then he will sell them together at coming selling price.
Uma bought a number of roses at 4 for a rupee and an equal number at 2 for a rupee. At what price per dozen should she sell them to make a profit?
CP of 4 Roses of Type 1=1 =1/4
CP of 2 Roses of Type 2=1 =1/2
CP of 1 dozen of type 1 = ¼*12= 3
CP f 1 dozen of type 2 =1/2812= 6
CP of 1 Dozen = 6+3= 9.
CP of 1 Dozen Mixed Roses= 9/2=4.5.
Step 3: Same Selling Prize, Equal Profit and Loss Percentage:
This is very interesting type. Though this looks hard to solve. You can solve type easily by using a super simple formula.
Step 4: Profit when seller is not honest and uses false weighing stone or scale:
Real Profit% = Error/ (True Value-Error)*100
Step 5: Multiple Transactions based profit and loss problems:
Step 6: Marked Price and Discounts:
Step 7: Profit and Loss Problems with Ratio Calculations:
If any one of the above types is combined with ratio calculations, you will get this type VII. Truly, this type is an extension to any of the above types.
A vendor earns a profit of 10% on selling on a book at 15% discount on the printed price. The ratio of the cost price to the printed price of the book is.
Let the CP be Rs.100.
Vendor earns a profit of 10%. Therefore his SP will be CP+10% of CP
SP= 100+10% of 100
or SP=Rs.110…….Equation 1
SP =Printed Price – 15% Printed Price
SP= X- (15/100)*X
From Equations 1 and 2
X=110/.85 = 2200/17
Therefore required ratio = CP: Printed Price