Question

A cupboard bought for ₹ 2,500 and sold at ₹ 3,000. What is the profit or loss in the transaction? Also, find the profit percent or loss percent if it was sold for ₹ 2000.
[4 MARKS]

Answer 1

Concept: 1 Mark
Steps: 1 Mark
Answer: 1 Mark Each

Given that,

Cost price = ₹ 2500

Selling price = ₹ 3000

Selling price > Cost price $\Rightarrow$ Profit

$\therefore$ Profit = 3000 - 2500 = ₹ 500

$\text{Profit}\%=\frac{\text{Profit}}{CP}\times 100$

$\text{Profit}\%=\frac{500}{2500}\times 100$

$\text{Profit}\%=20\%$

Now it was sold for ₹ 2000.
The selling price, SP = ₹ 2000
SP<CP
Therefore it is a case of loss.
Loss = CP - SP = 2500 - 2000 = ₹ 500
So, the loss $\%$ is given by,
Loss $\%$ = $\frac{500}{2500}\times 100$ = 20 $\%$