Question

Joseph bought a machine for Rs. 23500. He paid Rs. 1200 for transport and Rs. 300 as tax. If he sold it to a customer for Rs. 24250, what was his percent profit or loss?

Answer 1

Total cost price of machine = 23500 + 1200 + 300 = Rs. 25000

Selling price = Rs. 24250
Cost price greater than selling price. Therefore, loss.
Loss = Cost price - Selling price
= 25000 - 24250
= Rs. 750

Joseph suffered a loss of Rs. 750.

Supposing loss was N%,
`"N"/100 = 750/25000`

∴ `"N"/100 xx 100 = 3/100 xx 100`

∴ N = 3
∴ Loss = 3%