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Question
Abraham bought goods worth Rs 50000 and spent Rs 7000 on transport and octroi. If he sold the goods for Rs 65000, did he make a profit or a loss? How much?
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Solution
Cost price of the goods = Rs 50000
Money spent on transport and octroi = Rs 7000
Total expenses while buying goods = cost of goods + money spent on transport and octroi
= 50000 + 7000
= Rs 57000
That is, total cost price = Rs 57,000.
Selling price of the goods = Rs 65,000.
Since selling price is more than cost price, so there is a profit.
Profit = Selling price − Total cost price
= 65000 − 57000
= Rs 8000
∴ Abraham made a profit of Rs 8,000 in this transaction.
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