# PROFIT AND LOSS

Example 1

A man bought a leather bag for N350.00 and sold it for N360.00 will he have more money or less money with him?

Solution

Selling price = N460.oo

Cost price =Â Â  – N350.00

Profit (gain) = Â Â N110.00

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Note: profit or gain = selling price â€“ cost price

Example 2

If a lady bought a wrist watch for N800 and sold it for N600. Will he have money or less money with her?

Solution

The selling is price is less than. Therefore, she will have less money with her. That is, she sold at a loss.

Cost price of wrist watchÂ Â Â Â Â Â  Â Â Â Â Â  = N800.00

Selling priceÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â  = N600.00

LossÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â  N200.00

EXERCISE

1. The cost price of an article is is N450.30 and the selling price is N510. Find the profit or loss.
2. Mallam jimoh bought a meter of cloth for N155.50 and sold it N147.75, what is the gain or loss?
3. A car battery cost N3050. And it was sold for N 2895. What is the loss on the selling price.