RS Aggarwal Class 8 Chapter 10 Solutions (Profit And Loss)
RS Aggarwal Class 8 Maths Solutions Chapter 10 ‘Profit and Loss’ will help you practice the chapter exercises without any confusion. In this chapter of RS Aggarwal Class 8 Maths Solutions, you need to apply the concepts of percentages and ratios to find gain percentage, loss percentage, cost price, selling price, discounts, discount percentages, and marked price. There are 4 exercises in this chapter with around 80 practice questions.
RS Aggarwal exercises for Class 8 Maths Chapter 10 include questions as easy as finding the discount on an item when its selling price and cost price are given. They also include tough questions where you are given a discount percentage, gain percentage, and cost price, and you are asked to find the marked price of the item. There are chances that you will find tricky calculations in this chapter.
Profit and Loss is one of the most important topics of Class 8 Maths. It not only finds applications in higher studies but in real-life situations as well. So, you must practice RS Aggarwal Class 8 Chapter 10 thoroughly so that you can make quick and correct calculations while solving questions related to this topic. At Instasolv, we provide you access to stepwise solutions to all the exercises so that you can gain a better understanding of this chapter easily.
Important Topics for RS Aggarwal Class 8 Maths Solutions Chapter 10: Profit and Loss
Cost Price, Selling Price and Marked Price
Cost Price of an item is its real cost at which that item is manufactured or purchased. For instance, the cost of making a chair is Rs.100. It means that the shopkeeper who is selling that chair has bought it from the manufacturer or has built that chair at a price of Rs.100. This includes taxes, labour charges, transportation charges as well.
Selling Price of an item is the cost at which that item is sold to a customer. For example, if a shopkeeper sells a chair at Rs.200 to a customer then, the selling price of the chair is Rs.200 for that customer. The shopkeeper might sell the same chair at a lower price to some other customer, say Rs. 150. Then, Rs. 150 would be the selling price of the chair. Selling price decides the profit or loss a shopkeeper or seller would get.
Marked Price is the cost printed on an item. For example, if a shop sells chairs and they put a price label on every chair. Then, that price is called the marked price of the chair. The selling price of an item and the marked price of an item might not be the same. Sometimes, the shopkeeper might put a discount on the marked price so the price at which the item is sold might be different than the marked price.
Profit and Loss
- Suppose if a shopkeeper sells chairs and one chair costs him Rs.100. He then sells that chair at Rs.150. So, the shopkeeper had gained Rs.50 on that chair.
- This is called gain or profit. Therefore, Profit or Gain = Selling Price – Cost Price
- Now suppose that the shopkeeper sold the same chair at Rs.80. Then, he had a loss of Rs.20 on that chair. Therefore, Loss = Cost Price – Selling Price
Profit Percentage and Loss Percentage
- Profit % = (Profit/Cost Price x 100 ) %
- Loss % = (Loss/Cost Price x 100 ) %
Discount and Discount Percentage
- The discount is calculated with the help of the marked price and selling price.
- Discount = Marked Price – Selling Price
- Discount % = (Discount/Marked Price x 100 ) %
Sales Tax, Value Added Tax and Goods and Service Tax
- Sales tax is charged on an item by the government. Every customer has to pay a sales tax above the price on which they are purchasing an item. For example, if the selling price of a chair is Rs.100 and there is 5% sales tax over it. Then, the bill amount for that chair would be:
Sales Tax = 5% of Rs.100 = Rs. 5
Bill Amount = Rs.100 + Rs.5 = Rs. 105
- Sometimes another kind of tax called VAT or Value Added Tax is also associated with the different items. The customer has to pay the tax above the selling price of an item.
- The government now also charges a tax called Goods and Services Tax or GST. For example, suppose Ram bought a guitar at Rs.2500, and the GST of 12% was included in this price. Then, what would be the cost price of the guitar before GST was added to it?
To find the answer, we need to assume that the original price was Rs.100. So, the GST would be 12% of the original price, that is, Rs.12.
So, selling price after GST is included = Rs.100 + Rs.12 = Rs. 112.
Now, if the selling price is Rs.112 then the cost price is = Rs.100
So, if the selling price is Rs.2500 then the cost price is = 100/112 x 2500 = Rs.2,232.143
Exercise Discussion for RS Aggarwal Solutions for Class 8 Maths Chapter 10: Profit and Loss
- In RS Aggarwal Solutions for Class 8 Maths Chapter 10, Exercise 10A has 34 questions based on finding the gain percentage and loss percentage when the cost price and selling price are given. In some questions, the gain or loss percentage is given and you have to calculate the selling price.
- Exercise 10B has 14 questions in which you have to find a discount or discount percentage.
- Exercise 10C is based on questions related to VAT and sales tax. In most of the questions, you are given VAT% and you have to calculate the original prices.
- Exercise 10D is a miscellaneous exercise that includes questions on all the concepts discussed in the chapter.
Benefits of RS Aggarwal Class 8 Maths Solutions Chapter 10: Profit and Loss by Instasolv
- All the exercise-wise solutions for RS Aggarwal Solutions for Class 8 Maths Chapter 10 are created by our subject-matter experts who have years of academic experience.
- The solutions include stepwise explanations of the concepts along with the clear formulae used in solving the questions.
- Our solutions adhere to the CBSE guidelines for Class 8 Maths which ensures that you can easily practice these and prepare yourself for your exams.