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Introduction to Financial Arithmetic | Profit and Loss | Class 8 Math New Book

Profit and Loss formula is used in mathematics to determine the price of a commodity in the market and understand how profitable a business is. Every product has a cost price and a selling price. Based on the values of these prices, we can calculate the profit gained or the loss incurred for a particular product. The important terms covered here are cost price, fixed, variable and semi-variable cost, selling price, marked price, list price, margin, etc. Also, we will learn the profit and loss percentage formula here.

For example, for a shopkeeper, if the value of the selling price is more than the cost price of a commodity, then it is a profit and if the cost price is more than the selling price, it becomes a loss.
Profit and Loss Examples
If a shopkeeper brings a cloth for Rs.100 and sells it for Rs.120, he has made a profit of Rs.20/-.
If a salesperson has bought a textile material for Rs.300 and has to sell it for Rs.250/-, he has gone through a loss of Rs.50/-.
Suppose Ram brings a football for Rs. 500/- and sells it to his friend for Rs. 600/-, then Ram has made a profit of Rs.100 with a gain percentage of 20%.
These are some common examples of the profit and loss concept in real life, which we observe regularly.
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