Summary of "Profit and Loss - Shortcuts & Tricks for Placement Tests, Job Interviews & Exams"

Summary of the Video:

"Profit and Loss - Shortcuts & Tricks for Placement Tests, Job Interviews & Exams"

This tutorial from CareerRight.com provides a comprehensive guide to solving Profit and Loss problems quickly and efficiently, focusing on shortcuts and key formulas useful for Placement Tests, Job Interviews, MBA Entrance Exams, Banking Exams, and other competitive tests. The video explains fundamental concepts, important formulas, and demonstrates their application through multiple example problems.

---

Main Ideas and Concepts:

• Importance of Profit and Loss Questions: Profit and Loss problems are common in competitive exams and interviews. Mastering quick calculation techniques provides an edge.
• Basic Terminology:
  • Cost Price (CP): The price at which an item is purchased or produced.
  • Selling Price (SP): The price at which an item is sold.
  • Profit: When SP > CP.
  • Loss: When SP < CP.
• Core Formulas to Remember:
  1. Profit Percentage: Profit % = (Profit (in Rs) / Cost Price) × 100
  2. Loss Percentage: Loss % = (Loss (in Rs) / Cost Price) × 100
  3. Selling Price when Profit % is given: SP = (100 + Profit %) × CP / 100
  4. Selling Price when Loss % is given: SP = (100 - Loss %) × CP / 100
• Key Notes:
  • Profit and Loss percentages are always calculated with respect to the cost price, never the selling price.
  • To find selling price with profit or loss percentage, add or subtract the percentage from 100 and multiply by cost price.

---

Methodologies and Step-by-Step Instructions for Solving Problems:

• Step 1: Identify known values (CP, SP, profit %, loss %, etc.)
• Step 2: Use appropriate formula depending on what is asked (profit %, loss %, SP, CP).
• Step 3: For percentage profit or loss, always divide the profit or loss amount by cost price and multiply by 100.
• Step 4: For selling price with given profit or loss %, multiply cost price by (100 ± profit/loss %) / 100.
• Step 5: For combined transactions or multiple items, calculate total cost and total selling price, then find overall profit or loss.
• Step 6: Use logic and assumptions (e.g., assume quantities or prices) when direct values are not given to simplify calculations.
• Step 7: For tricky problems involving multiple transactions, use the shortcut formula for combined profit/loss when Profit and Loss percentages are equal but selling prices are the same: Loss % = (Profit %)² / 100

---

Examples Covered (with brief explanations):

1. Finding selling price to achieve a certain profit % or loss %
2. Calculating cost price from selling price and loss %
3. Determining number of items bought/sold given profit % and rates
4. Mixing items bought at different rates and finding overall profit or loss
5. Calculating overall profit or loss when two items are sold at same price but different profit/loss %
6. Nullifying loss by gaining profit on remaining stock
7. Chain transactions involving multiple buyers and sellers
8. Profit gained by cheating on weight (manipulated weighing machine)
9. Finding cost price from difference in profit percentages and additional amount earned
10. Finding required profit % on remaining items to achieve overall profit target
11. Calculating selling price per unit when some items are sold at cost price
12. Finding original price of an item given discount and profit in rupees
13. Finding ratio of cost price to printed price given discount and profit %
14. Calculating profit % from ratio of cost price to selling price
15. Finding profit or loss % when selling price of fewer items equals cost price of more items
16. Calculating gain % when buying and selling at different rates and quantities

---

Important Tips and Tricks:

• Always express profit/loss percentages in relation to cost price.
• Use the shortcut

Category

Educational

Share this summary

Share on X/Twitter Share on Facebook Share on LinkedIn Share on Reddit Share on WhatsApp Share on Telegram

Video