# Tricks to Solve Profit and Loss Problems

Profit and loss are one of the important topics commonly asked in the final exams. They are also included in the syllabus of most competitive examinations.

The most crucial aspect of any competitive exams is time management. You can surely score good marks by practising and solving numerous problems. Here, you are provided with all the shortcut tricks to solve the problems related to **maths profit and loss**. Before proceeding into the tricks, let’s learn some important facts and formulas that cover this concept.

- Cost price (CP): The amount at which the shop keeper buys an item
- Selling Price(SP): The amount at which the shop keeper sells an item to the customer.
- Marked Price(MP): The amount that is printed on the item
- Profit or Gain: If the selling price of an item is greater than the cost price, then the merchant is said to have a profit. SP > CP
- Loss: If the selling price of an item is less than the cost price, then the merchant is said to have a loss. SP < CP

**The most important formulas are:**

- Profit = SP- CP
- Loss = CP- SP

From these two formulas, the profit percentage and loss percentage can be calculated.

- %profit = {(Selling Price – cost price)/cost price} x 100
- %Loss = {(Cost Price – selling price)/cost price} x 100

**Some of the shortcut tricks that are derived from the formulas are given below:**

- If the profit percentage and cost price are given

SP = (100+P)% x CP

- If the loss percentage and cost price are given

SP = (100-L)% x CP

- If Profit “K” and cost price are given

Profit % = (K x100%)/CP

- If loss “K” and cost price are given

Loss% = (K x100%)/CP

- If discount value and marked price are given

SP = Marked price – Discount

- If marked price and discount % are given

SP = (100-D)% x MP

- If the merchant uses the false weight value to the customer, the cheated weight value can be found using the formula

Cheated weight = original weight – False weight

- Then, the shortcut to find the profit percentage is

P% = (Cheated weight x 100%)/False weight

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