Question
Download Solution PDFA mobile phone dealer buys a phone for Rs. 10,000 and sells it for Rs. 12,000. Later, he realizes that he could have sold it for Rs. 13,000. What is the percentage loss that he incurs?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Cost Price (CP) = Rs. 10,000
Selling Price (SP) = Rs. 12,000
Potential Selling Price = Rs. 13,000
Calculation:
Potential Profit = Potential Selling Price - Cost Price
Potential Profit = Rs. 13,000 - Rs. 10,000
Potential Profit = Rs. 3,000
Actual Profit = Selling Price - Cost Price
Actual Profit = Rs. 12,000 - Rs. 10,000
Actual Profit = Rs. 2,000
Loss = 3000 - 2000 = 1000
In percentage = (1000/10000)× 100
⇒ 10% loss
∴ The percentage loss that he incurs is 10%.
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