Let's solve the worksheet step by step.
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Lesson 10: Profit and Loss
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I. Fill in the blanks
1. The price at which an article is bought is its
Cost Price (C.P.).
2. The
Cost Price includes overhead expenses.
3. The price at which an article is sold is its
Selling Price (S.P.).
4. If the goods are sold at a higher price than C.P., then there is a
Profit.
5. If S.P. < C.P., then there is a
Loss.
6. If S.P. > C.P., then S.P. – C.P. =
Profit.
7. If S.P. < C.P., then C.P. – S.P. =
Loss.
8. S.P. = Rs. 210, C.P. = Rs. 190 → Profit =
Rs. 20
*(Because Profit = S.P. - C.P. = 210 - 190 = 20)*
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II. Find the Profit or Loss
We use:
-
Profit = S.P. - C.P. (if S.P. > C.P.)
-
Loss = C.P. - S.P. (if C.P. > S.P.)
1. SP = ₹12350, CP = ₹11950
→ Profit = 12350 - 11950 =
₹400
2. SP = ₹920.50, CP = ₹860
→ Profit = 920.50 - 860 =
₹60.50
3. SP = ₹1540, CP = ₹1682.50
→ Since CP > SP → Loss = 1682.50 - 1540 =
₹142.50
4. SP = ₹25580, CP = ₹26495.00
→ Since CP > SP → Loss = 26495 - 25580 =
₹915
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III. Find the Selling Price
Use:
-
S.P. = C.P. + Profit
-
S.P. = C.P. - Loss
1. CP = ₹650.25, Profit = ₹40.75
→ S.P. = 650.25 + 40.75 =
₹691.00
2. CP = ₹908.50, Profit = ₹60.50
→ S.P. = 908.50 + 60.50 =
₹969.00
3. CP = ₹625.50, Loss = ₹35.50
→ S.P. = 625.50 - 35.50 =
₹590.00
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✔ Final Answers:
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I. Fill in the blanks
1. Cost Price (C.P.)
2. Cost Price
3. Selling Price (S.P.)
4. Profit
5. Loss
6. Profit
7. Loss
8. ₹20
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II. Profit or Loss
1. Profit = ₹400
2. Profit = ₹60.50
3. Loss = ₹142.50
4. Loss = ₹915
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III. Selling Price
1. ₹691.00
2. ₹969.00
3. ₹590.00
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Parent Tip: Review the logic above to help your child master the concept of profit and loss worksheet.