The buying price of any item is known as its cost price.It is written as C.P.
The price at which you sell is known as the selling price or in short S.P.
When the selling price is more than the cost price,the difference is the “profit’’ That is, if S.P. C.P. the difference is profit.
Eg: Cost price of the lamp is ₹363. and Selling price of the lamp is ₹ 450. Here S.P. C.P. ,difference is Profit= ₹ 450
- ₹ 363
₹ 87
When the cost price is more than the selling price,the difference is the ‘loss”. That is if C.P. S.P. the difference is loss.
Eg:Cost price of the lamp is ₹ 363.This lamp was slightly damaged.So I sold it for ₹300.
* Sometimes the price of an object increases due to other expenses like transportation,shop rent,salaries,etc.These are called overheads and are added to the cost price.
Q1.Find out the profit or loss in each of these.
a)Cost price=₹ 2,090 , Selling price=₹ 2,100
Ans: SP > CP = Profit = ₹2100
- ₹2090
₹ 10
b) Cost price =₹ 8,395 , Sellingprice= ₹ 8,935
c) Cost price = ₹ 14,060 , Selling price = ₹ 14,600
d) Cost price = ₹ 9,319 , Selling price =₹ 9,179
Ans: CP > SP = Loss= ₹ 9319
- ₹ 9179
₹140
e) Cost price = ₹ 11,865 , Selling price = ₹ 11,190
f) Cost price = ₹ 400 , Selling price = ₹ 286
Q2. First find the final cost of each item.Then calculate profit or loss.
a) CP=₹ 645 , Over heads=₹ 80 , SP= ₹800
Ans: Final CP= CP + Over heads
= 645
+ 80
725
SP> Final CP=Profit= ₹800
- ₹725
₹ 75
b) CP= ₹9127 , Over heads= ₹ 2061 , SP = ₹10,050
Ans: Final CP = CP + Over heads
= 9127
+ 2061
11,188
Final CP > SP=Loss = ₹ 11188
- ₹10050
₹ 1138
c) CP= ₹7213 ,Over heads =₹ 520 , SP = ₹9818
d) CP= ₹2100 , Over heads = ₹ 395 , SP = ₹ 2300
Q3.Solve.
a) A collector buys a painting for ₹ 3,500 but sells it for ₹ 2,750.Find the gain or loss.
Ans: CP = ₹3,500
SP = ₹ 2,750
Here CP> SP.=Loss= ₹ 3,500
- ₹ 2,750
₹ 750
Loss is ₹ 750.
b) A second-hand furniture dealer buys a used table for ₹ 3,250.He spends ₹500 on polishing and repairing it. If he sells it ₹4,000, what is his profit?
Ans. CP = ₹3250
Overhead = ₹500
Final CP = ₹3250
+ ₹500
₹3750
SP = ₹4,000
SP>CP = Profit = ₹4,000
- ₹3750
₹250
Profit is ₹250
c) A calculator that costs 517 is sold at ₹575. What is the profit that is made?
d) A used dining set is sold for ₹9,390. It had been bought for ₹11,500. What is the loss that is incurred?
e) A furniture mart buys an old sofa set for ₹5,380. They spend ₹1,840 to put new covers on it and sell it for ₹8,000. What is the profit or loss?
