Two articles were sold for ₹3,000 each, with no loss or profit in the entire transaction. If one was sold at a profit of 25%, then the loss incurred on the second article is ________.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1 i.e. %.
Cost price of 1st article = x
Selling price = x + 25% of x = 1.25x
⇒ 1.25x = 3000
⇒ x = 2400
So, the cost price of 1st article = ₹2400
Total cost price of both articles = ₹2400 + y
Total selling price = ₹3000 + ₹3000 = ₹6000
No profit no loss ⇒ Total cost = ₹6000
⇒ 2400 + y = 6000
⇒ y = 3600
So, the cost price of the 2nd article = ₹3600
Selling price = ₹3000
Loss = 3600 - 3000 = ₹600
Loss% = × 100 = %