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Aptitude - Profit and Loss - Discussion

Discussion Forum : Profit and Loss - Data Sufficiency 2 (Q.No. 2)
Profit and Loss
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.

I alone sufficient while II alone not sufficient to answer
II alone sufficient while I alone not sufficient to answer
Either I or II alone sufficient to answer
Both I and II are not sufficient to answer
Both I and II are necessary to answer
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 2 of 4.
Ankur said:   1 decade ago
A is correct..read the question carefully. We are given profit % therefore to find profit we need to multiply 20/100 to profit(which is SP-CP).

Only 2nd can't give the answer as it does not provide the CP.
Debojit said:   1 decade ago
Friends both statemnts will be necessary for finding the cp if concidered as x and sp if concidered as y.
ie y-x=40
and y=120% of x.

As we know profit % depends on cp not sp
SHUBHAM CHAUHAN said:   1 decade ago
Listen everyone, the question was how much is the profit. And in statement 1 they have directly given the answer that's 40. So only 1 is alone sufficient. So the answer is A.
Apurv said:   9 years ago
Let CP = x and SP = 1.2x.
Profit = SP-CP=1.2x-1x = 0.2x.
0.2x = 40,
So, x = 200,
CP = 200,
SP = 240,
Profit = SP-CP=240-200 = 40,
So, statement-2 alone is also sufficient.
Anonymous said:   7 years ago
Sp = (gain+100)/100 of cp.

According to question so= 120 of cp.
Compare both equation;
(Gain+100)=120.
Gain = 20.

Than why C is not correct? Please explain.
(1)
Siddharth said:   2 decades ago
SP=120
CP=120/1.20
CP=100
Profit=SP-CP=20

This give an answer too. Though it gives a different answer, it still works.
Hence the answer according to me is C.
Manoj said:   1 decade ago
If cp=100 & profit = 20%
then SP will be 120.

hence
SP-CP NOT EQUal TO 40. but also it's equl to 20.

so acco. to me 1& 2 both r necessry...
Biswajit said:   8 years ago
6/5 selling price, because according to question sp is 120% of cp.
Then 6-5=1.
100*1/5=20.
So, 2is also sufficient.
(2)
Chandrasekhar said:   9 years ago
Actually, I this question the difference between CP and SP is 40 i.e. loss.

How can you solve it as profit?
Unknown said:   1 decade ago
y-x = 40.

y = 120% of x.

y = (1.2)x.

1.2x-x = 40.

=> x = 200.

=> % of gain = (40/200)*1000 = 20%.
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