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  How to Solve Profit & Loss        Questions? Tips & Tricks Important Concepts Cost Price  The price at which an article is purchased, is called its cost price. It is abbreviated as  C.P . Selling Price The price, at which an article is sold, is called its selling prices, abbreviated as  S.P. Profit/gain  = SP – CP Profit  % = Profit/(C P)×100 S P  = (100+gain % )/100  ×C P C P  = 100/(100+gain %)×S P Loss If the overall Cost Price exceeds the selling price of the buyer then he is said to have incurred loss . Loss  = C P – S P Loss  % = LOSS/(C P)×100 S P  = (100-loss %)/100×C P C P  = 100/(100-loss %)×S P Profit and Loss Based on Cost Price To find the percent gain or loss, divide the amount gained or lost by the cost.  Example 1 : A toy that cost 80 rupees is sold at a profit of 20 rupees . Find the percent or rate of profit. Answer : Gain / cost = % profit. 20 / 80 = 25%. – Answer To find the loss and the selling price when the cos