NCERT Class 7 Mathematics Solutions: Chapter 8 – Comparing Quantities Exercise 8.3 Part 1 (For CBSE, ICSE, IAS, NET, NRA 2022)

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Understanding of Profit and Loss Percentage

1. Tell what is the profit or loss in the following transactions. Also find profit percent or loss percent in each case.

(a) Gardening shears bought for and sold for .

(b) A refrigerator bought and sold at .

(c) A cupboard bought for and sold at .

(d) A skirt bought for and sold at .

Answer:

(a) Cost price of gardening shears

Selling price of gardening shears

Since,

Therefore, Profit

Now,

So,

(b) Cost price of refrigerator

Selling price of refrigerator

Since,

So, here is profit.

Profit

Now,

So,

(C) Cost price of cupboard

Selling price of cupboard

Since,

So, here is profit.

Profit

Now,

So,

(d) Cost price of skirt

Selling price of refrigerator

Since, .

So, here is loss.

Profit

Now,

So,