Notes On Profit and Loss - ICSE Class 8 Maths
Cost price (CP): The price at which goods or articles are purchased is known as the cost price. Net CP of an article = CP + Overhead expenses Selling price (SP): The price at which goods are sold is known as the selling price. Wholesale price: It is the price at which articles are purchased or sold in bulk. Retail price: It is the price at which articles are purchased or sold individually. When the selling price is greater than the cost price, there is a profit. The profit on 100 rupees is called profit per cent or gain per cent. Profit or Gain = Selling price – Cost price Profit % or Gain % = ( $\frac{\text{Profit or Gain}}{\text{CP}}$ × 100)% Profit or gain is always reckoned on CP. When the selling price is less than the cost price, there is a loss. The loss on 100 rupees is called loss per cent. Loss = Cost price – Selling price Loss % = ($\frac{\text{Loss}}{\text{CP}}$ × 100 )% Loss is always reckoned on the cost price. Finding SP when CP and Gain % or Loss % is given: Gain = (Selling price) – (Cost price) Selling price = Cost price + Gain Gain % = ($\frac{\text{Gain}}{\text{CP}}$ × 100) ⇒ Gain = $\frac{\text{Gain}%}{\text{100}}$ × CP  ...(ii) SP = CP +  $\frac{\text{Gain}%}{\text{100}}$ × CP ∴ SP = ($\frac{\text{100 + Gain}%}{\text{100}}$) × CP SP = ($\frac{\text{100 - Loss}%}{\text{100}}$) × CP Selling price = Cost price - Loss Loss % = ( $\frac{\text{Loss}}{\text{CP}}$ × 100) ⇒ Loss = ( $\frac{\text{Loss}%}{\text{100}}$ × CP) SP = CP ($\frac{\text{100 - Loss}%}{\text{100}}$) Finding CP when SP and Gain % or Loss % is given: CP = ($\frac{\text{100}}{\text{100 + Gain}%}$) × SP CP = ($\frac{\text{100}}{\text{100 - Loss}%}$) × SP

#### Summary

Cost price (CP): The price at which goods or articles are purchased is known as the cost price. Net CP of an article = CP + Overhead expenses Selling price (SP): The price at which goods are sold is known as the selling price. Wholesale price: It is the price at which articles are purchased or sold in bulk. Retail price: It is the price at which articles are purchased or sold individually. When the selling price is greater than the cost price, there is a profit. The profit on 100 rupees is called profit per cent or gain per cent. Profit or Gain = Selling price – Cost price Profit % or Gain % = ( $\frac{\text{Profit or Gain}}{\text{CP}}$ × 100)% Profit or gain is always reckoned on CP. When the selling price is less than the cost price, there is a loss. The loss on 100 rupees is called loss per cent. Loss = Cost price – Selling price Loss % = ($\frac{\text{Loss}}{\text{CP}}$ × 100 )% Loss is always reckoned on the cost price. Finding SP when CP and Gain % or Loss % is given: Gain = (Selling price) – (Cost price) Selling price = Cost price + Gain Gain % = ($\frac{\text{Gain}}{\text{CP}}$ × 100) ⇒ Gain = $\frac{\text{Gain}%}{\text{100}}$ × CP  ...(ii) SP = CP +  $\frac{\text{Gain}%}{\text{100}}$ × CP ∴ SP = ($\frac{\text{100 + Gain}%}{\text{100}}$) × CP SP = ($\frac{\text{100 - Loss}%}{\text{100}}$) × CP Selling price = Cost price - Loss Loss % = ( $\frac{\text{Loss}}{\text{CP}}$ × 100) ⇒ Loss = ( $\frac{\text{Loss}%}{\text{100}}$ × CP) SP = CP ($\frac{\text{100 - Loss}%}{\text{100}}$) Finding CP when SP and Gain % or Loss % is given: CP = ($\frac{\text{100}}{\text{100 + Gain}%}$) × SP CP = ($\frac{\text{100}}{\text{100 - Loss}%}$) × SP