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\\November 3, 2023 12:42 PM Surender Prajapati Proof 4 Reader _________________________ Date: ___________________74
Remember
The money earned in a transaction when the selling price is more than cost price is called profit.
The money lost when the cost price is more than the selling price is called loss.
Example 3: Rohan bought a refrigerator for `19995 and sold it for `20599. Find his profit or loss.
Solution: CP of a refrigerator = `19995
SP of a refrigerator = `20599
Since SP > CP, there is a profit.
Profit = SP – CP
= `20599 – `19995 = `604
Thus, Rohan earned a profit of `604.
Example 4: Venu bought an old bicycle for `1848 and spent `552 on its repairing. Then
he sold it for `2000. Find his profit or loss.
Solution: CP of old bicycle = `1848
Cost on repairing = `552
Total CP of bicycle = CP + cost on repairing Note
= `1848 + `552 = `2400 Expenses besides the cost price,
which is added to get the total
CP of bicycle = `2400 cost price, are called overhead
We have, SP < CP, there is a loss. expenses e.g., cost on repairing
the bicycle is overhead expense.
Loss = CP – SP
= `2400 – `2000 = `400
Thus, Venu suffered a loss of `400.
Finding the Cost Price
In case of profit: To find the cost price (CP) when the profit earned and the selling
price (SP) are given, we use the following formula.
Note
Cost price = Selling price – Profit Profit is also
or CP = SP – P known as gain.
In case of loss: To find the cost price (CP) when the loss (L) beared and the selling
price (SP) are given, we use the following formula.
Cost price = Selling price + Loss
or CP = SP + L
Teacher’s Discuss with the children by giving some more examples that often, before selling the goods, a shopkeeper
Tip or a person spends some money as an additional expense to the cost price. Overhead expense and overheads
are always added to cost price.
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