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A fair price shopkeeper takes 10% profit on his goods. He lost 20% goods during theft. His loss percent is:________?

Correct answer: D. 12Everyday Science Quiz

  • A. 8
  • B. 10
  • C. 11
  • D. 12Everyday Science Quiz

Explanation

Assume the cost of 100 units of goods is Rs. 100. A 10% profit gives a selling price of Rs. 110 for all the goods, but after 20% is stolen, only 80 units are sold, bringing Rs. 110 x 80/100 = Rs. 88, so the loss is Rs. 12, or 12%. The likely wrong choice is 8%, found by subtracting the 10% profit from the 20% theft without accounting for the selling price.

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About Profit and Loss

Profit and loss compare the cost price and selling price of an item, using profit or loss percentages based on the cost price unless stated otherwise. Questions include marked price, discount, successive discounts, commission, and finding an unknown price, with care needed to distinguish discount from loss.

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