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Loss: If the cost price is more than the selling price, then the seller incurs a loss.

Loss is always calculated on cost price (C.P.)
i.e., if S.P. < C.P., then it is a loss.
\ Loss = Cost Price (C.P.) – Selling Price (S.P.)

Loss
Loss as a Percent: Loss% = × 100%
C.P.

Example 20: Find the profit or loss of the following:
(a) C.P. = `741, SP = `871 Loss/Profit = ?
(b) C.P. = `1502, SP = `1500 Loss/Profit = ?

Solution: (a) C.P. = `741, S.P. = `871
Here, S.P. > C.P., Remember

So, Profit = S.P. – C.P. = `871 – `741 = `130 Profit or loss per cent is
always calculated on C.P.
(b) C.P. = `1502, S.P. = `1500
Here, S.P. < C.P.,

So, Loss = C.P. – S.P. = `1502 – `1500= `2
Think and Answer
Example 21: A shopkeeper bought a cycle for `2800 and Why are profit and loss always
sold it to a customer for `2940. Find the profit earned by calculated on the cost price? Suppose
the shopkeeper. the cost price of a football is `500 and
Solution: Cost price of the cycle, C.P. = `2800 the shopkeeper wants to earn `50 as
a profit on it. What do you think of the
Selling price of the cycle, S.P. = `2940 selling price at which the shopkeeper
Clearly, S.P. > C.P., will sell the football?
Therefore, Profit = S.P. – C.P. = `2940 – `2800 = `140

Thus, the shopkeeper earned a profit of `140
Example 22: Find the profit or loss%, if C.P. is `480 and S.P. is `600.

Solution: We have,
C.P. = `480, S.P. = `600

S.P. > C.P., so we get profit
And, Profit = S.P. – C.P. = 600 – 480 = `120
Profit 120
\ Profit % = × 100% = × 100% = 25%
CP.. 480

Example 23: Rashmi buys a mobile phone for `25,500 and its accessories for `3500. She sold it for
`28000. Find her gain or loss percent.

Solution: Cost price of the phone = `25,500

Cost of Accessories = `3500
\ Effective cost price (C.P.) = (`25500 + `3500) = `29000

S.P. of the phone = `28000

229 Percentage and Its Applications