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- Ben Hur Coal Company, a Corporation v. Earl Wells and M. A. Berman, Co-Partners Doing Business as Starr Coal Company, 242 F.2d 481, 10th Cir. (1957)
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You are on page 1of 6

This section is quite interesting. Concepts are simple but Questions are

logical.

thought of selling it to somebody else. I scratched the sticker and

then put my own sticker on it that said, "500 Rs only" so that I can

make a sweet profit of 100Rs on this Novel.

Now, a customer has come to me to buy this novel. But to buy it for

500Rs, he's not ready.He wants some discount on it.

Okie, I will give you a5% discount, I said. He calculated that 5% of

500 means 25Rs only. He rejected. Said, he want more discount.

Okie, I will give you a final 10% discount, but not more. Take it or

leave it. He calculated, 10% discount on 500Rs means 50Rs discount.

He said Okie. He gave me 450 Rs and then bought this Novel.

Now, lets answer these quick simple questions based on the above information.

Ques: What is the Cost price of this Novel?

Ans: 400Rs

Ques: What is the Marked Price of this Novel?

Ans: 500Rs

Ques: How much is the Markup?

Ans: Markup is the extra price which is added to the cost price. Markup = 500 - 400

= 100Rs

Ques: What is the discount % on this Novel?

Ans: 10%

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Ques: What is the Selling Price of this Novel?

Ans: Selling price is the price at which he bought the Novel after deducting the

discount from the Markup Price. SP = MP - Discount = 500-50 = 450Rs

Ques: What is the profit in Rs on this Novel?

Ans: 50Rs

Ques: What is the Profit percent?

Ans: 50Rs profit I made on 400Rs Cost Price of novel. In percentage, Profit % =

[50/400]*100 = 12.5%

Ques: What is the maximum discount I could have offered so I had not incurred

a loss?

Ans: Maximum discount = 500-400 = 100Rs on 500Rs sticker. That means

[100/500]*100 = 20% discount.

Ques: If I had given him a discount of 25%, would I had incurred a loss?

Ans: 25% of 500Rs means [25/100]*500 = 125Rs. Selling price after discount = 500125 = 375Rs. Selling price is lower than Cost price. So, yes, I would have incurred a

loss if I had given him 25% discount.

Ques: At 25% discount, what should have been the loss percentage?

Ans: at 25% discount on 500Rs (means 125Rs discount), my Selling Price would have

been 500-125=375Rs. I would have faced a loss of 400-375 = 25Rs on my 400Rs cost

price Novel. Loss% would have been = [25/400]*100 = 6.25%

Lets now deduce some formulae (note all these down in your copy)

CP = Cost Price

SP = Selling Price

When SP < CP Loss = CP - SP

When SP > CP Profit = SP - CP

Note:Loss% and Profit% both are calculated upon CP

Profit% = [Profit/CP] * 100

Loss% = [Loss/CP] * 100

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Then SP becomes [100+profit%] of CP = [100+Profit%]/100

For 10% profit, SP = 110% of CP = [110/100]*CP = 1.1*CP

Means to say, if 10% profit, then we simply do SP = 1.1*CP

If CP is given, then SP is calculated, and if SP is given then CP is calculated (CP =

SP/1.1)

(2) When loss% is given, say, 10% loss

Then again, SP becomes [100-loss%] of CP, again same approach.

For 10% loss, SP becomes 90% of CP = 0.9*CP

If CP is given, then SP is calculated, and if SP is given, then CP is calculated (CP =

SP/0.9)

Note: Remember these general deductions. These helps a lot in solving

questions quickly.

CP + Markup = MP

Always Remember: Markup is extra price on Cost Price. So, Markup is always

calculated on CP

And %Markup = [Markup/CP]*100

Means to say if 400Rs CP and 100Rs Markup, then MP becomes 500Rs and %Markup

becomes [100/400]*100 = 25%

Discount (if SP < MP) = MP - SP i.e. SP = MP - Discount

MP - Discount = SP

Always Remember: Discount is deducted from Marked Price. So, Discount is

always calculated on MP

And %Discount = [Discount/MP]*100

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10%

General Notes:

Like SP and CP relation, SP and MP relations is also calculated using the same

approach.

I.e. if 10% discount is there, then SP becomes [100-discount%] of MP, means SP =

90% of MP, means SP = 0.9*MP

So, if MP is given, we can calculate SP and if SP is given, then MP is calculated (MP

= SP/0.9)

Needless to tell you to note it down as this also helps in solving questions

quickly!

More Notes:

(1) If markup is there and after discount, there is a profit, then: CP < SP < MP

(2) If markup is there and after discount, there is no profit no loss, then: CP =

SP < MP

(3) If markup is there and after discount, there is a loss, then, SP < CP < MP

Quiz Ques 1:

Using

CP = 400Rs

Markup% = 20%

Profit% = 7.5%

Find these values:

(a) Markup,

(b) Market Price,

(c) Profit,

(d) Selling Price,

(e) Discount Price,

(f) Discount%

Solve this question before going any further.

(Answer to this Question after 1 hour)

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Page 4

Now lets see a few quick ones that comes many a times in exams.

the gain or loss percent?

Ans: CP of 15 apple = SP of 20 apple

Means, CP*15 = SP*20

Means CP/SP = 20/15 = 4/3

Clearly, CP > SP, means loss is there

If CP is 4 Rs, SP is 3 Rs

loss is 1 on CP of 4 Rs

Loss % = [1/4] * 100 = 25%

Ques2: By selling 8 bananas a fruit seller gains the selling price of 1 banana.

Calculate his profit percent.

Ans: Let SP of 1 banana = 1 Rs

Means SP of 8 banana will be 8 Rs

Profit on SP of 8 Rs is 1 Rs CP would be 8-1 = 7 Rs

On 7 Rs, 1 Rs profit is there profit% = 1/7 * 100 = 14.2857% profit

Note:Profit or loss is always calculated on Cost price!!

Ques3: A trader sells all his books at the cost price but gives 15% less books as

he should give. Find his profit percentage?

Ans: let 100 books are there.

Books left = 15% = 15 books

So, books sold = 100-15 = 85

On 85 books sold, he gets 15 books as profit

Profit % = [books left / books sold]* 100 = [15/85]*100 = 17.64%

Ques 4: A person bought 3 Oranges for 2 Rs and sold 2 Oranges for 3 Rs.

Calculate his Profit percentage?

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Page 5

6 Oranges, CP = 4 Rs, SP = 9 Rs Profit = 5 Rs

Profit Percentage = [5/4]*100 = 125%

Note: Always remember to equate things (Oranges in this case), not money.

Enough learning. Now solve these questions and you completes the concepts of

Profit and Loss!!

Quiz Ques2:Two articles are sold at the same Selling Price. One at a profit of 75%,

and other at loss of 30%. What is the overall profit or loss?

Quiz Ques 3:The percentage profits on three articles A, B, and C is 10%, 20% and

25% and the ratio of their cost price is 1:2:4. Also, the ratio of the number of

articles sold of A, B and C is 2:5:2.The overall percentage is how much?

Quiz Ques 4:CP of 12 articles is equal to SP of 9 articles. Profit on 5 articles is

equal to the discount on 10 articles. Find the Markup% and Discount%

(Answers to Quiz Questions after 1 hour)

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Page 6

Thank You!!

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