Cost Price:

The price, at which an article is purchased, is called its cost price, abbreviated as C.P.
Selling Price:
The price, at which an article is sold, is called its selling prices, abbreviated as S.P.
Profit or Gain:
If S.P. is greater than C.P., the seller is said to have a profit or gain.
Loss:
If S.P. is less than C.P., the seller is said to have incurred a loss.
IMPORTANT FORMULAE

1. Gain = (S.P.) - (C.P.)

2. Loss = (C.P.) - (S.P.)

3. Loss or gain is always reckoned on C.P.

4. Gain Percentage: (Gain %)

Gain x 100
    Gain % =
C.P.

5. Loss Percentage: (Loss %)

Loss x 100
    Loss % =
C.P.

6. Selling Price: (S.P.)

(100 + Gain %)
    SP = x C.P
100

7. Selling Price: (S.P.)

(100 - Loss %)
    SP = x C.P.
100

8. Cost Price: (C.P.)

100
    C.P. = x S.P.
(100 + Gain %)

9. Cost Price: (C.P.)

100
    C.P. = x S.P.
(100 - Loss %)

10. If an article is sold at a gain of say 35%, then S.P. = 135% of C.P.

11. If an article is sold at a loss of say, 35% then S.P. = 65% of C.P.
12. When a person sells two similar items, one at a gain of say x%, and the other at a loss of x%,
then the seller always incurs a loss given by:
Common Loss and Gain % 2 x 2
    Loss % = = .
10 10

13. If a trader professes to sell his goods at cost price, but uses false weights, then
 Error
    Gain % = x 100
(True Value) - (Error) %.
Q.1) A carpenter bought an old table at Rs 480 and spent 20% of it on repairing. If he wants to make
a profit of Rs 144 then what percentage should be added in purchase price?

20% of 480 = 480*20/100 i.e. Rs.96

total c.p. = 480+96 i.e. 576
profit 144 i.e. s.p. = c.p.+ profit
= 576 + 144
= 720

cc The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%,
then the value of x is:

Let the cost price of one article=Rs 100

profit=25%
SP =100+25=125
NOW
CP of 20 article =SP of X article
20 * 100 = 125 * X
X =16

20 article C.P = 100rs(say)

Note: When given profit percentage, he calculates it only after selling all goods.

So 20 articles S.P = 125 (SINCE PROFIT PERCENT =25%)

now consider only S.P
125 rs --->20 articles
100 rs --->? articles
100*20/125=1

3.  If selling price is doubled, the profit triples. Find the profit percent

First of all, in the problem they had given that if selling price doubles, profit will be tribled.

Actually we have the formulae that

profit = selling price - cost price

Let the selling price be y and cost price be x

From formulae above profit= s.p.-c.p.

Profit= y-x___________(1)

From the data given, if selling price doubles, profit will be tribled. so that
s
profit=y-x, here from the data given if y doubles profit will be tribled. so we can write in place of profit
we can write y-x

3(y-x) = 2y-x
y=2x
profit from (1)
profit=2x-x
=x

Then we have to calcute profit percentage, so we have formulae for profit percentage
Profit%= (profit/cost price)*100
= (x/x)*100

Profit% =100%.