Question

Ramesh purchased a bicycle for Rs 5200 and spent Rs 800 on its repair. He had to sell it for Rs 5500. Find out his profit or loss percent.

• A. $8\frac{1}{3}\%loss$
• B. $\frac{25}{3}\%loss$
• C. $9\%gain$
• D. Insufficient data

Answer 1

Answer: (A), (B)

The correct options are
A

$8\frac{1}{3}\%loss$

B

$\frac{25}{3}\%loss$

The cost price of an article includes the purchase cost of an article and overhead charges(transport, repairs, etc).

The price at which the article is sold is called selling price.

C.P. of the bicycle = Purchase cost + Reparis = 5200 + 800 = Rs 6000
S.P. = Rs 5500. Since S.P. < C.P.,
$\therefore$ Loss = C.P. -S.P. = 6000 - 5500 = Rs 500.
$\therefore$ Loss % $=\frac{Loss\times 100}{C.P}=\frac{500\times 100}{6000}$
$=\frac{25}{3}\%$ or $8\frac{1}{3}\%$