Thomas bought a furniture item for Rs. 4800. If he had to spend Rs. 1200 for polishing the item before selling, then find the profit or loss percent if the selling price is Rs. 5400.
A. 1% profit
B. 1% loss
C. 5% profit
D. 5% loss
Answer (2)
Thomas incurred a loss of Rs. 600 after spending Rs. 6000 total on the furniture, with a selling price of Rs. 5400. This results in a loss percentage of 10%. None of the answer choices correctly reflect this percentage.
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To solve this problem, we need to determine the profit or loss percent based on the costs involved and the selling price.
Step 1: Calculate the Total Cost Price
Thomas bought the furniture for Rs. 4800 and spent an additional Rs. 1200 on polishing it. Therefore, the total cost price (CP) for Thomas is: Total CP = 4800 + 1200 = 6000 Rs
Step 2: Calculate the Selling Price
The selling price (SP) given is Rs. 5400.
Step 3: Determine Profit or Loss
To find out if Thomas made a profit or loss, we compare the selling price to the total cost price. If the selling price is greater than the total cost price, it indicates a profit. Conversely, if the selling price is less than the total cost price, it indicates a loss.
Here: Total CP = 6000 Rs SP = 5400 Rs
Since 5400 (SP) < 6000 (Total CP), Thomas incurs a loss.
Step 4: Calculate the Loss Amount
The loss can be calculated as: Loss = Total CP − SP = 6000 − 5400 = 600 Rs
Step 5: Calculate the Loss Percentage
The loss percent is calculated using the formula: Loss Percent = ( Total CP Loss ) × 100 Substitute the values: Loss Percent = ( 6000 600 ) × 100 = 10%
Therefore, Thomas incurred a 10% loss on the furniture item.
The correct option is not listed among the provided choices, but based on the calculations, the correct loss percentage is 10% .
