Aptitude - Profit and Loss - Discussion
Discussion Forum : Profit and Loss - Data Sufficiency 2 (Q.No. 2)
Directions to Solve
Each of the questions given below consists of a statement and / or a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statement(s) is / are sufficient to answer the given question. Read the both statements and
- Give answer (A) if the data in Statement I alone are sufficient to answer the question, while the data in Statement II alone are not sufficient to answer the question.
- Give answer (B) if the data in Statement II alone are sufficient to answer the question, while the data in Statement I alone are not sufficient to answer the question.
- Give answer (C) if the data either in Statement I or in Statement II alone are sufficient to answer the question.
- Give answer (D) if the data even in both Statements I and II together are not sufficient to answer the question.
- Give answer(E) if the data in both Statements I and II together are necessary to answer the question.
2.
By selling a product with 20% profit, how much profit was earned? | |
I. | The difference between cost and selling price is Rs. 40. |
II. | The selling price is 120 percent of the cost price. |
Answer: Option
Explanation:
Gain = 20%
I. Profit = (S.P.) - (C.P.) = Rs. 40.
Thus, I give the answer. But, II does not give the answer.
Correct answer is (A).
Discussion:
31 comments Page 1 of 4.
Mandal said:
6 years ago
@All.
A is the correct option i.e., only 1 is enough to answer the question but 2 alone is not.
1. Says the diff between cp and sp is 40, which is equal o profit.
2. Says that sp is 120% of cp. Here is gives the ratio between sp and cp but doesn't give the actual value of SP and CP. So how can you calculate Profit? Some people are assuming the Value of CP is 100 and then Sp is 120. But here you are just assuming. In this way if you assume, then you can assume CP to be 200 and then SP will be different and Profit won't be 40 and if you assume CP to be 300 then SP will be even more different and Profit won't be 40. Here, it is given that SP is 120% of CP which is just a ratio between CP and SP and the actual values.
Hope you know the difference between actual values and ratio.
So, the correct answer is A.
A is the correct option i.e., only 1 is enough to answer the question but 2 alone is not.
1. Says the diff between cp and sp is 40, which is equal o profit.
2. Says that sp is 120% of cp. Here is gives the ratio between sp and cp but doesn't give the actual value of SP and CP. So how can you calculate Profit? Some people are assuming the Value of CP is 100 and then Sp is 120. But here you are just assuming. In this way if you assume, then you can assume CP to be 200 and then SP will be different and Profit won't be 40 and if you assume CP to be 300 then SP will be even more different and Profit won't be 40. Here, it is given that SP is 120% of CP which is just a ratio between CP and SP and the actual values.
Hope you know the difference between actual values and ratio.
So, the correct answer is A.
(2)
Samlikha said:
5 years ago
Profit=s.p-c.p = 40 -> (1)
Since profit is nothing but the %gain in c.p.
According to the question 20% profit.
Therefore p= 20% of cp i.e, 20/100*cp =cp/5 -> (2)
By (1) and (2).
P= cp/5.
40= cp/5.
C.p = 200.
Now profit %= profit/c.p*100.
= 40/200*100 =20% hence proved.
Statement 2 is incorrect because s.p = 120% of c.p.
Only if we assume c.p = 100 then s.p =120.
Therefore 20% profit.
But as above solved, original c.p =200 and s.p= 240.
Therefore, difference is 40 and p%= 240-200/200*100 = 20%.
Since profit is nothing but the %gain in c.p.
According to the question 20% profit.
Therefore p= 20% of cp i.e, 20/100*cp =cp/5 -> (2)
By (1) and (2).
P= cp/5.
40= cp/5.
C.p = 200.
Now profit %= profit/c.p*100.
= 40/200*100 =20% hence proved.
Statement 2 is incorrect because s.p = 120% of c.p.
Only if we assume c.p = 100 then s.p =120.
Therefore 20% profit.
But as above solved, original c.p =200 and s.p= 240.
Therefore, difference is 40 and p%= 240-200/200*100 = 20%.
(3)
Sparsh Chandra said:
1 decade ago
Let CP be Rs. 100 then 20% profit gives SP = Rs. 120.
So difference here comes just Rs. 20. So the statements are contradictory.
Again the mentioned 20% profit and the profit in statement is Rs. 40. But Profit% doesn't come 20% but it is 40%.
Profit = SP-CP= Rs. 40 in statement I.
Then profit% = Profit/CP*100 = 40/100*100 (assumed CP is Rs. 100).
So profit % = 40%.
Thus question is options are incorrect. The second option is repeated for no means as 20% profit or 120% of CP means the same for SP.
So difference here comes just Rs. 20. So the statements are contradictory.
Again the mentioned 20% profit and the profit in statement is Rs. 40. But Profit% doesn't come 20% but it is 40%.
Profit = SP-CP= Rs. 40 in statement I.
Then profit% = Profit/CP*100 = 40/100*100 (assumed CP is Rs. 100).
So profit % = 40%.
Thus question is options are incorrect. The second option is repeated for no means as 20% profit or 120% of CP means the same for SP.
Adersh said:
6 years ago
I feel the Ans is option E.
Here;
%profite = profit/cp
(profite = sp -cp)
thus, profit = % profit * CP --> (A)
We are given % profit, hence we need cp to find the profit.
Now from 1) sp - cp = 40..
2) sp = 1.2cp.
Solving 1 & 2 we can get cp.
Substitute in equation A to get the profit
Hence we need both options.
Here we are not assuming any specific values of CP and SP and just going with the data.
Here;
%profite = profit/cp
(profite = sp -cp)
thus, profit = % profit * CP --> (A)
We are given % profit, hence we need cp to find the profit.
Now from 1) sp - cp = 40..
2) sp = 1.2cp.
Solving 1 & 2 we can get cp.
Substitute in equation A to get the profit
Hence we need both options.
Here we are not assuming any specific values of CP and SP and just going with the data.
Pranav said:
8 years ago
@ALL.
1) option 1 is correct alone as,
CP-SP = profit.
And that is what is asked not profit percentage, which some of these idiots have calculated.
2) Let CP be x.
then SP = 1.2x.
SP-CP = 0.2x = PROFIT.
(SP-CP)/CP = Profit percentage = 20% (GIVEN).
You can't take out the value of CP from here Hence profit will be unknown.
1) option 1 is correct alone as,
CP-SP = profit.
And that is what is asked not profit percentage, which some of these idiots have calculated.
2) Let CP be x.
then SP = 1.2x.
SP-CP = 0.2x = PROFIT.
(SP-CP)/CP = Profit percentage = 20% (GIVEN).
You can't take out the value of CP from here Hence profit will be unknown.
Akshada said:
6 years ago
According to me, the only first statement is necessary. Because the second statement again giving information that already have in question so no need to define again.
If we know the exact difference between the selling price and cost and also profit percentage then we can easily find profit.
Therefore, Only statement 1 is correct.
If we know the exact difference between the selling price and cost and also profit percentage then we can easily find profit.
Therefore, Only statement 1 is correct.
(1)
Parveen said:
1 decade ago
2nd also give the answer.
If we let the cost price 200 then selling price will be.
200*120/100 = 240.
As in first equation the diff is 40 so we are getting it.
240-200= 40.
If we take second equation as I took above of 120%.
It also showing profit 20%.
i.e. 40/200*100= 20%.
So answer is E.
If we let the cost price 200 then selling price will be.
200*120/100 = 240.
As in first equation the diff is 40 so we are getting it.
240-200= 40.
If we take second equation as I took above of 120%.
It also showing profit 20%.
i.e. 40/200*100= 20%.
So answer is E.
Srikar pidaparthi said:
1 decade ago
Answer is D.
1) In question it is given cp-sp ("not sp-cp i.e. gain") which gives loss.
So its of no use in the equation.
2) Its given sp = 120%cp.
= 6/5 cp.
Now, sp-cp = profit.
(6/5) cp-cp = profit.
= 0.5 cp which is answer hence answer is A.
Hope I was able to help you all.
1) In question it is given cp-sp ("not sp-cp i.e. gain") which gives loss.
So its of no use in the equation.
2) Its given sp = 120%cp.
= 6/5 cp.
Now, sp-cp = profit.
(6/5) cp-cp = profit.
= 0.5 cp which is answer hence answer is A.
Hope I was able to help you all.
Kalam said:
1 decade ago
Both you are wrong as you have supposed that cost price is 100 and selling price is 120 according to profit that's fine.
But my friends none of you release that you don't know any one of S.P or C.P.
We have to find real one from that we have supposed.
But my friends none of you release that you don't know any one of S.P or C.P.
We have to find real one from that we have supposed.
Aay Jay said:
8 years ago
I think Profit amount can not be calculated.
As per question, Difference in CP and SP is Rs.40/- it is Profit per unit.
CP will be Rs.200 as per question and SP Rs. 240.
Now Profit earned requires quantity.
As per question, Difference in CP and SP is Rs.40/- it is Profit per unit.
CP will be Rs.200 as per question and SP Rs. 240.
Now Profit earned requires quantity.
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