What is Loss ?
When a seller sells a product at a price which is less than his C.P.(cost price), then the seller suffer loss
In other words, when the selling price of a thing is less than its cost price, then loss occurs.
Or we can also represent it as:
If CP > SP, then loss occurs
Mathematic formula for Profit is :-
Loss = CP - SP
Let's understand this with the help of following example:
Example: Cost price of shirt is $ 25 and selling price is $18, find whether the shopkeeper earns profit or suffer loss. Also find value of profit or loss.
Solution: As per the given question:
Cost Price or CP = $ 25 (statement 1)
Selling Price or SP = $18 (statement 2)
Now, we know that if CP > SP, then loss occurs.
From statement 1 and 2, we get:
Since, $25 > $18
So, it clear that Shopkeeper suffer loss
Now to find the value of Loss, use the following formula:
Loss = CP - SP
Put values from statement 1 and 2 & we get:
Loss = $25 - $18
Solve Subtraction expression on L.H.S. of equation and we get:
Loss = $7
Hence, shopkeeper suffers a loss of $7
Find Cost price when selling price and loss is given.
In some problems or question we are given selling price of a commodity and the loss occurred to seller by selling that commodity. And we are asked to find the cost price. In such cases we use the above explained formula
i.e. Loss = cost price - selling price,
only difference is of procedure for calculating CP.
Read the following example for better understanding:
Example = A toy is sold at a price of $16 and loss occurred is $2.
Find the cost price at which toy is bought.
Solution: As per the given question, we get:
SP = $16................( statement 1)
Loss = $2.......(statement 2)
CP is to be calculated.
Apply the formula:
Loss = CP - SP
Put values from above statement 1 & 2 and we get:
2 = CP - 16
Add 16 to both sides and we get:
18 = CP
Or we can also write it as:
CP = 18
Find selling price when cost price and loss is given.
In some problems or question we are given cost price of a commodity and the loss occurred to seller earns by selling that commodity. And we are asked to find the selling price. In such cases we use the above explained formula
i.e. Loss = Cost price - Selling price,
only difference is of procedure for calculating SP.
Read the following example for better understanding:
Example = A dress is purchased at a price of $16. If shopkeeper suffers a loss of $5, find the selling price at which toy was sold.
Solution: As per the given question, we get:
CP = $16................( statement 1)
Loss = $5.......(statement 2)
SP is to be calculated.
Apply the formula:
Loss = CP - SP
Put values from above statement 1 & 2 and we get:
5 = 16 - SP
Subtract 16 from sides and we get:
-11 = -SP
Divide both side by (-1) and we get
-11 = -SP
Or we can also write it as:
SP = 11
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