Problems on Profit and Loss Part 2

1. 
A shopkeeper sells some articles at the profit of 25% on the original price. What is the exact amount of profit? To find the answer, which of the following information given in Statements I and II is/are necessary?
I. 
Sale price of the article
 II. 
Number of articles sold
A.Only I is necessary
B.Only II is necessary
C.Either I or II is necessary
D.Both I and II are necessary
E.None of these
Answer: Option D
Explanation:
Gain = 25% of C.P.
In order to find gain, we must know the sale price of each article and the number of articles sold.
 Correct answer is (D).
2. 
A shopkeeper sells some toys at Rs. 250 each. What percent profit does he make? To find the answer, which of the following information given in Statements I and II is/are necessary?
I. 
Number of toys sold.
 II. 
Cost price of each toy.
A.Only I is necessary
B.Only II is necessary
C.Both I and II are necessary
D.Either I or II ins necessary
E.None of these
Answer: Option B
Explanation:
S.P. = Rs. 250 each.
To find gain percent, we must know the C.P. of each.
 Correct answer is (B).

Directions to Solve
Each of the questions given below consists of a question followed by three statements. You have to study the question and the statements and decide which of the statement(s) is/are necessary to answer the question.
1. 
By selling an article what is the profit percent gained?
I. 
5% discount is given on list price.
II. 
If discount is not given, 20% profit is gained.
 III. 
The cost price of the articles is Rs. 5000.
A.Only I and II
B.Only II and III
C.Only I and III
D.All I, II and III
E.None of these
Answer: Option A
Explanation:
 I. Let the list price be Rs. x.
Then, S.P. = 95% of Rs. x = Rs.
x x95
= Rs.19x
10020
II. When S.P. = Rs. x and gain = 20%.
Then, C.P. = Rs.
100x
= Rs.5x
1206
 Gain =
19x-5x
=
57x - 50x
=7x
2066060
 Gain % =
7xx6x 100% = 14%.
605x
Thus, I and II only give the answer.
 Correct answer is (A).
2. 
What was the percentage of discount given?
I. 
23.5% profit was earned by selling an almirah for Rs. 12,350.
 II. 
If there were no discount, the earned profit would have been 30%.
 III. 
The cost price of the almirah was Rs. 10,000.
A.Only I and II
B.Only II and III
C.Only I and III
D.Any two of the three
E.None of these
Answer: Option E
Explanation:
  I. S.P. = Rs. 12350, Gain = 23.5%
 C.P. = Rs.
100x 12350
= Rs. 10,000.
123.5
 II. M.P. = 130% of C.P. = 130% of Rs. 10,000 = Rs. 13,000.
From I and II, discount = Rs. (13000 - 12350) = Rs. 650.
Discount % =
650x 100% = 5%.
13000
Thus, I and II give the answer.
II and III can not give the answer. Because we require profit percentage with discount and profit percentage without discount. So II and III are not sufficient.
Since III gives C.P. = Rs. 10,000, I and III give the answer.
Therefore, I and II [or] I and III give the answer.
 Correct answer is (E).

Directions to Solve
Each of the questions given below consists of a statement and / or a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statement(s) is / are sufficient to answer the given question. Read the both statements and
  • Give answer (A) if the data in Statement I alone are sufficient to answer the question, while the data in Statement II alone are not sufficient to answer the question.
  • Give answer (B) if the data in Statement II alone are sufficient to answer the question, while the data in Statement I alone are not sufficient to answer the question.
  • Give answer (C) if the data either in Statement I or in Statement II alone are sufficient to answer the question.
  • Give answer (D) if the data even in both Statements I and II together are not sufficient to answer the question.
  • Give answer(E) if the data in both Statements I and II together are necessary to answer the question.
1. 
A man mixes two types of rice (X and Y) and sells the mixture at the rate of Rs. 17 per kg. Find his profit percentage.
I. 
The rate of X is Rs. 20 per kg.
 II. 
The rate of Y is Rs. 13 per kg.
A.I alone sufficient while II alone not sufficient to answer
B.II alone sufficient while I alone not sufficient to answer
C.Either I or II alone sufficient to answer
D.Both I and II are not sufficient to answer
E.Both I and II are necessary to answer
Answer: Option D
Explanation:
The ratio, in which X and Y are mixed, is not given.
So, both I and II together cannot give the answer.
 Correct answer is (D).
2. 
By selling a product with 20% profit, how much profit was earned?
I. 
The difference between cost and selling price is Rs. 40.
 II. 
The selling price is 120 percent of the cost price.
A.I alone sufficient while II alone not sufficient to answer
B.II alone sufficient while I alone not sufficient to answer
C.Either I or II alone sufficient to answer
D.Both I and II are not sufficient to answer
E.Both I and II are necessary to answer
Answer: Option A
Explanation:
Gain = 20%
I. Profit = (S.P.) - (C.P.) = Rs. 40.
Thus, I give the answer. But, II does not give the answer.
 Correct answer is (A).

Directions to Solve
Each of these questions is followed by three statements. You have to study the question and all the three statements given to decide whether any information provided in the statement(s) is redundant and can be dispensed with while answering the given question.
1. 
What is the percent profit earned by the shopkeeper on selling the articles in his shop?
I. 
Labeled price of the articles sold was 130% of the cost price.
II. 
Cost price of each article was Rs. 550.
 III. 
A discount of 10% on labeled price was offered.
A.Only I
B.Only II
C.I and III
D.All the three are required
E.Question cannot be answer even with information in all the three statements.
Answer: Option C
Explanation:
  I. Let C.P. be Rs. x.
Then, M.P. = 130% of x = Rs.13x.
10
III. S.P. = 90% of M.P.
Thus, I and III give, S.P. = Rs.90x13x= Rs.117x
10010100
Gain = Rs.117xx= Rs.17x
100100
Thus, from I and III, gain % can be obtained.
Clearly, II is redundant.

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