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Business Mathematics and Statistics · Class 11 Commerce

Ch 1Profit and Loss — Class 11 Business Mathematics and Statistics, concept-first.

Every act of buying and selling in trade turns on two prices: the price at which a trader buys an article and the price at which the trader sells it. The difference between the two decides whether the transaction ends in a gain or a shortfall.

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Concepts

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Key concepts

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Profit and Loss Percentage

Profit and loss percentages are always calculated on the cost price: and . From these, (add for profit, subtract for loss) and, inverting, .

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Chapter contents

The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.

1

Cost Price, Selling Price, Profit and Loss

Every act of buying and selling in trade turns on two prices: the price at which a trader buys an article and the price at which the trader sells it.

2

Profit and Loss Percentage

The single most important convention in this chapter is that profit percentage and loss percentage are always calculated on the cost price, unless a problem explicitly states otherwise.

3

Marked Price and Discount

In retail trade, a shopkeeper usually fixes a price higher than the intended selling price and displays it on the article or on a price tag.

4

Successive Discounts and the Single Equivalent Discount

Sometimes a shopkeeper offers more than one discount, one after another, on the same article — for instance '20% off, and a further 10% off on the reduced price.' These are successive discounts.

5

The Concept and Types of Price in Trade

Business arithmetic uses the word 'price' for several distinct things, and keeping them apart is essential to reading a problem correctly. This section pulls the vocabulary together.

Exercises

+Show 7 questions7 questions
  1. Q9An article is sold for ₹1,440 at a profit of 20%. Find its cost price.Free
  2. Q10The cost price of a bag is ₹250. It is sold at a loss of 8%. Find the selling price.Free
  3. Q11A person sells two watches for ₹960 each. On one he gains 20% and on the other he loses 20%. Find his overall gain or loss percentage.Free
  4. Q12Find the single discount equivalent to three successive discounts of 10%, 20% and 5%.Preview
  5. Q13After allowing a discount of 15% on the marked price, an article is sold for ₹850. Find its marked price.Preview
  6. Q14Profit or loss percentage is always calculated on the: (a) selling price (b) cost price (c) marked price (d) discount.Preview
  7. Q15Distinguish between marked price and selling price, and explain why a discount reduces one to the other.Preview

More questions

+Show 8 questions8 questions
  1. Example 1An article is bought for ₹500 and sold for ₹575. Find the profit and the profit percentage.Free
  2. Example 2An article is sold for ₹360 at a loss of 10%. Find its cost price.Free
  3. Example 3A trader buys an article for ₹1,200 and wants to make a profit of 20%. At what price should it be sold?Free
  4. Example 4A dealer buys a table for ₹800 and spends ₹50 on its transport. He sells it for ₹1,020. Find his profit percentage.Preview
  5. Example 5The marked price of a shirt is ₹1,500 and a discount of 12% is allowed on it. Find the discount amount and the selling price.Preview
  6. Example 6An article marked at ₹2,000 is sold for ₹1,700. Find the rate of discount.Preview
  7. Example 7An article is marked at ₹1,000. Successive discounts of 20% and 10% are allowed on it. Find the final selling price and the single discount…Preview
  8. Example 8A shopkeeper marks his goods 40% above the cost price and then allows a discount of 25% on the marked price. Find his profit or loss percent…Preview