Aptitude - Profit and Loss

Each of the questions given below consists of a question followed by three statements. You have to study the question and the statements and decide which of the statement(s) is/are necessary to answer the question.

1. 

By selling an article what is the profit percent gained?

I. 

5% discount is given on list price.

II. 

If discount is not given, 20% profit is gained.

 III. 

The cost price of the articles is Rs. 5000.

A. Only I and II
B. Only II and III
C. Only I and III
D. All I, II and III
E. None of these

Answer: Option A

Explanation:

 I. Let the list price be Rs. x.

Then, S.P. = 95% of Rs. x = Rs. x x 95 = Rs. 19x
100 20

II. When S.P. = Rs. x and gain = 20%.

Then, C.P. = Rs. 100 x x = Rs. 5x
120 6

Gain = 19x - 5x = 57x - 50x = 7x
20 6 60 60

Gain % = 7x x 6 x 100 % = 14%.
60 5x

Thus, I and II only give the answer.

Correct answer is (A).


2. 

What was the percentage of discount given?

I. 

23.5% profit was earned by selling an almirah for Rs. 12,350.

 II. 

If there were no discount, the earned profit would have been 30%.

 III. 

The cost price of the almirah was Rs. 10,000.

A. Only I and II
B. Only II and III
C. Only I and III
D. Any two of the three
E. None of these

Answer: Option E

Explanation:

  I. S.P. = Rs. 12350, Gain = 23.5%

C.P. = Rs. 100 x 12350 = Rs. 10,000.
123.5

 II. M.P. = 130% of C.P. = 130% of Rs. 10,000 = Rs. 13,000.

From I and II, discount = Rs. (13000 - 12350) = Rs. 650.

Discount % = 650 x 100 % = 5%.
13000

Thus, I and II give the answer.

II and III can not give the answer. Because we require profit percentage with discount and profit percentage without discount. So II and III are not sufficient.

Since III gives C.P. = Rs. 10,000, I and III give the answer.

Therefore, I and II [or] I and III give the answer.

Correct answer is (E).