For a situation of having profit, which of the following is correct?
Whenever, Selling Price(S.P.) of an article is more than the Cost Price(C.P.), i.e. S.P.>C.P., then the difference between them(S.P.−C.P.) is the profit.
And, when Cost Price(C.P.) is more than the Selling Price(S.P.), i.e. C.P.>S.P., then the difference (C.P.−S.P.) is the loss.
But, when C.P.=S.P., then there is neither loss nor profit.