Profit Definition:
Whenever the selling price is greater than the cost price then it is a profit.
Example: If the selling price of a bag is Rs. 235 and the cost price of the same bag is Rs. 200 then there is a profit of Rs. 35.
Profit= Selling Price(S.P) – Cost Price(C.P)
Loss definition:
Whenever the selling price is less than the cost price then is is a loss.
Example: A dealer bought a television for Rs.12000 and sold it for Rs. 10,000 then there is a loss of Rs. 2000.
Loss= Cost Price(C.P)- Selling Price(S.P).
FORMULAE TO CALCULATE PROFIT% AND LOSS%:
Profit%=( Profit/C.P) * 100
Loss%= (Loss/C.P)*100
Note: Profit% and Loss% is always calculated on the cost price of the item.
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