When a person gets loss -
(Where SP & CP represent Selling Price and Cost Price respectively)
A person makes a loss when the person sells something at a price lesser than what the person had bought it for.
For e.g., If a man purchases a mobile phone for Rs.15000 and sells it for Rs.10000. He incurs a loss of Rs. 5000 as
The cost price of mobile = Rs. 15000
The selling price of mobile = Rs. 10000
Loss = Cost Price - Selling Price
Loss = Rs. 15000 - Rs. 10000 = Rs 5000