SSC Exam Quantitative Aptitude Study Material: A conceptual guide for Profit and Loss

SSC is well known for the recruitment of Group ‘B’ and ‘C’ posts under the Ministries/Departments in The Government of India. SSC organizes various examinations like Combined Graduate Level examination, Combine Higher Secondary Level, Stenographer and for SI/DP/CAPF, etc., throughout the year having almost the same Exam Pattern. The Exam paper is comprised of basically 4 subjects.

General Intelligence & Reasoning

English language & Comprehension

Quantitative Aptitude

General knowledge

For more detail, click the link given below.

So, Jagranjosh.com has introduced a brief plan for revising topics at the time of examination. In this article, Profit and Loss,  which sometimes appear more difficult to understand in terms of  estimating and recognizing cost price & selling price.

Profit and Loss

Profit and Loss is an extension of the chapter of percentages. It is a very important branch of basic Mathematics. This branch deals with the study of Profit and loss made in any commercial transaction. The entire economy and the concept of capitalism is based on the so called “Profit Motive”.

Some basic terms used in Profit and loss are:

Cost price – The price, at which an article is purchased, is called Cost price and it is abbreviated by C.P.

Selling Price – The price, at which an article is sold, is called its selling price and it is abbreviated by S.P.

Profit – If S.P. > C.P., then seller is said to have a profit.

Loss – If SP < CP, Then seller is said to have incurred a loss.

Example: 100 apples are bought at the rate of Rs. 500 and sold at the rate of Rs. 84 per dozen. What will be the percentage of profit and loss?

Solution: We will solve this in steps

Therefore, there is a profit of 40% in the whole selling process.

If a person sells two similar items, one at a gain of A%, and the other at a loss of A%, then the seller always incurs a loss. This loss can be calculated by:

Example : A man sold two plots for Rs. 15, 00,000 each. On one he gains 25% while on the other he loses 25%. How much does he gain or loss in the whole transaction.

Profit calculation on the basis of equating the Amount Spent and the Amount Earned:

If the person is going through the transaction has got back all the money that he has spent, but has ended up with some amount of goods left over after the transaction.

1. An article was purchased for Rs. 78,350/-. Its price was marked up by 30%. It was sold at a discount of 20% on the marked up price. What was the profit percent on the cost price?

(1) 4    

(2) 7    

(3) 5    

(4) 3    

(5) 6

Ans: (1)

3. Meena purchases 1500 ml of milk every day. If the cost of one liter of milk is Rs. 44, how much amount will she pay in 20 days?

Rs. 1,340

Rs. 1,320

Rs. 1,280

Rs. 1,260

None of these

Solution: Amount paid in 20 days = 1.5 ⤬ 20 ⤬ 44 = Rs. 1320

Ans: (2)

4. Kamya purchased an item of Rs. 46,000 and sold it at loss of 12 per cent. With that amount she purchased another item and sold it at a gain of 12 per cent. What was her overall gain/loss?

Loss of Rs 662.40

Profit of Rs 662.40

Loss of Rs 642.80

Profit Rs 642.80

None of these

Ans: (1)