Question
Download Solution PDFA shopkeeper normally makes a profit of 20% in a certain transaction; he weighed 900 gm instead of 1 kg due to an error in the weighing machine. If he charges 15% less than what he normally charges, then what is his actual profit or loss percentage?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A shopkeeper normally makes a profit of 20% in a certain transaction; he weighed 900 gm instead of 1 kg due to an error in the weighing machine. If he charges 15% less than what he normally charges, then what is his actual profit or loss percentage?
Formula used:
Profit Percentage =
Calculation:
Let the Cost Price (CP) of 1 kg be ₹100.
Selling Price (SP) with 20% profit = ₹120.
Due to the error, the shopkeeper weighs 900 gm instead of 1 kg. Hence, he sells 900 gm at 15% less than the normal price.
New Selling Price (NSP) = ₹120 × 0.85 = ₹102.
Effective Cost Price (ECP) of 900 gm = ₹90 (since 900 gm of ₹100/kg).
⇒ Profit = NSP - ECP = ₹102 - ₹90 = ₹12.
⇒ Profit Percentage =
⇒ Profit Percentage =
∴ The correct answer is option (1).
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