profit-loss account 48

May 13th, 2015
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profit and loss statement describe profit and loss mathematics VI01

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MatheStd: VImaticsA shopkeeper buys goods at a priceand then sells them to us usually at ahigher price.The price which a shopkeeper pays tobuy the goods is the cost price (C.P.).The price at which a shopkeepersells the goods to his customer isthe selling price (S.P.).(Contd)If the shopkeeper sells the goods at aprice higher than the cost price he makesa gain or profit.If the shopkeeper sells the goods at a pricelower than the cost price he suffers a loss.Often before selling the goods a shopkeeperspends money in transporting goods keeping goods in good condition Storing the goods in godownsThe money he spends on the above arecalled overhead expenses.The shopkeeper adds these overhead expensesto the cost price before he sells the goods at theselling price.Therefore,Total Cost Price = Original Cost Price + Overheadexpenses When selling price is greater than the cost priceImportantFormulae Important Formulaethe person will earn a profit.(S.P. > C.P.)ImportantFormulaeImportantSellingPrice - CostPrice = FormulaeProfitWhen costFormulaeprice is greaterthan theFormulaeselling priceImportantImportantthe person will have a loss. (C.P. > S.P.)Important Formulae Important FormulaeCost Price - Selling Price = LossImportant Formulae Important FormulaeWith the help of above formulae we can calculate eitherImportantsellingFormulaeImportantFormulaeprice, costprice, profitor loss.ImportantWhenthere F

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