Profit and loss practice questions

Question of The Day21-12-2020

Ravi purchased a bicycle at a certain price and sold his bicycle at 10% loss. If he had sold the bicycle at ₹ 250 more, he would have gained 10% on it. What is the cost price of the bicycle?

Answer

Correct Answer : a ) ₹ 1250

Explanation :

Let the cost price of the bicycle = ₹ 100x

We know, selling price = cost price ± profit/loss%

Thus, selling price when bicycle was sold at 10% loss will be = 100x – 10% of 100x = 90x

And, selling price when bicycle was sold at 10% profit will be = 100x + 10% of 100x = 110x

According to the question,

110x – 90x = 250

⇒ 20x = 250

⇒ x = 12.5

Therefore, cost price of bicycle was = 100x = 100 * 12.5 = ₹ 1250

Hence, (a) is the correct answer.

Such type of question is asked in various government exams like SSC CGL, SSC MTS, SSC CPO, SSC CHSL, RRB JE, RRB NTPC, RRB GROUP D, RRB OFFICER SCALE-I, IBPS PO, IBPS SO, RRB Office Assistant, IBPS Clerk, RBI Assistant, IBPS RRB OFFICER SCALE 2&3, UPSC CDS, UPSC NDA etc.

Read Daily Current Affairs, Banking Awareness, Hindi Current Affairs, Word of the Day, and attempt free mock tests at PendulumEdu and boost your preparation for the actual exam.