Important tricks for profit/loss for ssc and bank

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Profit/Loss is another easy topic of SSC CGL. Most of the questions can be solved in less than 30 seconds. First let me introduce a formula that will be used in solving 50% of the questions.

Where,
SP = Selling price
CP = Cost Price
f = Profit/loss factor

What is this profit/loss factor ? It’s simple, ‘f’ depends on the profit/loss %
If profit% = 10, then f = 1.1
If profit% = 30, then f = 1.3
If profit% = 15, then f = 1.15
If loss% = 10, then f = 0.9
If loss% = 25, then f = 0.75
If loss% = 12.5, then f = 0.875
Please note that f depends on profit/loss percentage and not on the absolute value of Profit/Loss. So if in any question it is given that the profit is Rs. 30, then it doesn't mean that f = 1.3

Let us see some SSC CGL questions that can be solved with this formula

Q. 1

Let 's' be the SP of 1 article and 'c' be the CP of 1 article.
Given, 6c = 4s
Therefore s/c = 1.5
Gain % = 50
Answer : (B)

Q .2. 

Let 's' be the SP of 1 metre of cloth and 'c' be the CP of 1 metre of cloth
Total SP = 20s, Profit = 4s
CP = SP - Profit = 16s
The ratio s/c = 20s/16s = 1.25
Gain % = 25
Answer : (C)

Q . 3.

SP of 1 article(s) = Rs. 10/8 = 5/4
CP of 1 article(c) =Rs. 8/10 = 4/5
s/c = 25/16 = 1.5625
Gain % = 56.25
Answer : (A)

Q) 4. Kunal sold a shirt at a loss of 10%. Had he sold it for Rs 60 more, he would have gained 5% on it. Find the CP of the shirt.

In this question we have to find the CP of the article

c = s/f
From basic mathematics or elementary science we know that putting delta (∆) sign in numerator and denominator doesn't change the equation. ∆ stands for 'change'
c = ∆s/∆f
where ∆s = change in SP
∆f = change in factor
Therefore ∆s = New SP - Old SP = Rs. 60
∆f = New factor - Old factor
New factor is the factor when profit is 5%. Old factor is the one with loss = 10%
So ∆f = 1.05 - 0.9 = 0.15
c = ∆s/∆f = 60/0.15 = Rs. 400
Answer : Rs 400

Q. 5)

Cost Price = 27/(1.2 – 1.15) = 27/0.05 = Rs. 540
Answer: (C)

Q. 6)

c/s = 10/11
Hence, s/c = 11/10 = 1.1
Profit = 10%
Answer: (D)

Q. 7)

Let cost price of 1 ball be C. Hence total cost price = 17C
Total loss = 5C
Total SP = Rs. 720
Loss = CP - SP
5C = 17C – 720
C = Rs. 60

Q. 8)

Let A bought it for Rs. X
Then B paid Rs. 1.1x
And C paid Rs. 1.1x * 1.3 = Rs. 1.43x
Given, 1.43x = 2860
Hence x = Rs. 2000
Answer: (C)

Q. 9)

SP = Rs. 102
Loss = 15% and hence f = 0.85
CP = SP/f = 102/0.85 = Rs. 120
New SP = Rs. 134.40
Net result (f) = SP/CP = 134.4/120 = 1.12 = 12% profit
Answer: (A)

Q. 10)

Total investment = Total CP
Let the CP of 1 egg = C
Then total CP = 200C

Total eggs left = 200 - 38 = 162 eggs = 162/12 dozen
Total SP = (162/12)*4.8 = Rs. 64.8
f = 1.08
Hence CP = 64.8/1.08 = Rs. 60

Answer: (D)

Q. 11)

Q. 12) Two items are sold at the same price. The seller gains 75% from the 1st item while he makes 30% loss on the other. Find the overall profit/loss.

(A) 20% profit (B) 35% profit (C) No profit No loss (D) 10% loss
If the selling price is same for the two items, then the overall profit/loss is given by f = 2*f1*f2/(f1 + f2)
Here f1 = 1.75, f2 = 0.7
Hence overall factor (f) = 2*1.75*0.7/(1.75 + 0.7) = 1
We know if the value of factor is 1, it means no profit, no loss
Answer: (C)

Q. 13) The cost price of two articles is same. One is sold at a profit of 15% and the other is sold at a loss of 5%. What is the overall profit/loss?

(A) 5% profit (B) 5% loss (C) 10% profit (D) No profit No loss
If the CP is same, then the overall profit/loss is average the two.
Average of 15% and -5% (loss is written with negative sign) = [15 + (-5)]/2 = +5%
Answer: (A)

Q. 14)

124×1.2-144×.9/144×0.9 ×100

1920/12960  =14.8%

Answer: (C)

Q. 15)

This question appeared in Tier-2 2014 and is one of the trickiest question asked by SSC from this topic. So much so that many question banks haven't published its solution. Although if your concepts are clear, then there is nothing tricky here.

Let the fruit-seller buys 100 oranges
Given, SP of 40 oranges = CP of 100 oranges
40S = 100C (where S = SP of 1 orange and C = CP of 1 orange)
S/C = 2.5
f = 2.5 and hence Profit = 150%
He has already sold 40 oranges. Remaining oranges = 60
He sold 80% of remaining oranges at half the previous rate of profit.
That means he sold 48 oranges at 75% profit.
CP of 48 oranges = 48C
f = 1.75
SP2 = 1.75*48C = 84C
Total SP = SP1 + SP2 = 100C + 84C = 184C
Total CP = 100C
f = SP/CP = 184C/100C = 1.84
Hence profit = 84%
Answer: (B)

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