For reference, I have put two questions here, which I made.
1. A man sold a bike for Rs.45,000. If he bought it for Rs.35,000, what has he incurred? Profit or Loss? How much?
Ok, the SP=45000
SP>CP. Note this: whenever the SP or Selling Price is smaller than CP, it is always a Loss.
The formula for finding Basic Loss is
In this case:
Therefore, the loss=Rs.10,000Note this:(Loss is called so because if you sold it at the same price, no money is lost. But when you sell it at a smaller price when you could have done it at a higher price, you incurr a loss.
2. Mrs. Khanna bought a Car for Rs.200,000. She sold it on OLX for 350,000. What has she incurred and how much?
Ok, It was bought for 200,000 and sold for 350,000.
SP>CP. Note this: whenever SP is greater, it is a profit.
Therefore Profit is 150,000.