Profit and loss statement

Cost Price(CP) + Profit(P) = Selling Price (S.P) Profit means, your Selling Price (S.P) is more than your Cost Price(C.P) This means, you sold something for more price than what you purchased it for. The extra price that you sold it for is called as Profit Cost Price(CP) + Profit(P) = Selling Price (S.P) We can say that the difference between Selling Price and Cost Price is Profit Profit(P) = Selling Price (SP) ̶ Cost Price(CP)

Cost Price(CP) ̶ Loss (L) = Selling Price (S.P) Loss means, your Cost Price (C.P) is more than your Selling Price(S.P) This means, you sold something for less price than what you purchased it for. The lesser price that you sold it for is called as Loss Cost Price(CP) ̶ Loss (L) = Selling Price (S.P) We can say that the difference between Cost Price and Selling Price is Loss Loss(L) = Cost Price(CP) - Selling Price (SP)

Example 1: Mohan bough a Shirt for Rs 575 and later sold it for Rs 625. Find profit/loss and its value. Solution Given: Cost Price=Rs 575, Selling Price=Rs 625 To find: Profit/Loss value Since Selling Price>Cost Price, there is profit. We know that Profit = Selling Price - Cost Price. ∴ Profit = 625 - 575 = 50 Ans: Profit = Rs 50 Profit = SP ̶ CP Loss = CP ̶ SP

Example 2: Vinod bought a cycle for Rs 3500 and after some years sold it for 2200. Find profit/loss and its value. Solution Given: Cost Price = Rs 3500, Selling Price = Rs 2200 To Find: Profit/Loss value Since Selling Price<Cost Price, there is Loss We know that Loss = Cost Price - Selling Price. ∴ Loss = 3500 – 2200 = 1300 Ans: Loss = Rs 1300 Profit = SP ̶ CP Loss = CP ̶ SP

Try these Priya bought a bike for Rs 35000 and after a year sold it for Rs 2800 . Find the profit/loss and its value. Mohan bought television set for Rs 5500 and later sold it for 6100. Find the profit/loss and its value.