PROFIT AND LOSS

WEEK TEN

PROFIT AND LOSS

Example 1

A man bought a leather bag for N350.00 and sold it for N360.00. will he have more money or less money with him?

Solution

Selling price = N460.oo

Cost price =   - N350.00

Profit(Gain) =   N110.00

Note: profit or gain = selling price – cost price

Example 2

If a lady bought a wristwatch for N800 and sold it for N600. Will he have money or less money with her?

Solution

The selling price is less than. Therefore, she will have less money with her. That is, she sold at a loss.

The cost price of wrist watch              = N800.00

Selling price                       = N600.00

Loss                                                   N200.00           

EXERCISE

1. The cost…