# RD Sharma Solutions Class 7 Mathematics Solutions for Profit and Loss Exercise 12.1 in Chapter 12 - Profit and Loss

Question 6 Profit and Loss Exercise 12.1

A grain merchant sold 600 quintals of rice at a profit of 7%. If a quintal of ricecost him Rs 250 and his total overhead charges for transportation, etc. were Rs 1000 find his total profit and the selling price of 600 quintals of rice.

Given Cost of 1 quintal of rice = Rs. 250

Cost of 600 quintals of rice = 600 x 250 = Rs. 150000

CP = Rs. (150000 + 1000) = Rs. 151000

Profit % = (Profit/CP) x 100

7 = (Profit /151000) x 100

Profit = 1510 x 7

Profit = Rs. 10570

Now SP = CP + profit

= Rs. (151000 + 10570)

SP = Rs. 161570

Video transcript
"hello students welcome to lido homework so today's question let's see what it is a green merchant sold 600 quintiles of rice at a profit of seven percent if a quintal of rice cost him rupees 250 and has total overhead charges for transportation etc where rupees 1000 find his total profit and the selling price of 600 quintils of rice so he's making a seven percent profit by selling 600 quintils of rice so you should work on solving the profit as well as selling price for 600 quintils of rice so let us uh the cost of one quintile of rice rice is only given so we need to first calculate 600 kiloquintal of rice cost price so cost price of 600 i'm writing q for quintile of rice is 250 rupees i'm sorry it's 250 rupees into 600 quintils which is equal to 1 lakh 50 000. you already know the basic multiplication and division so i don't need to tell you now in cost price even the overhead charges count so overhead is 1000 rupees right so therefore you can write it as total cost price is equal to one lakh fifty thousand plus thousand rupees which equals rupees one lakh fifty one thousand so we got the cost price okay we need to find the selling price but before that let us find the profit now we know given that profit per cent is equal to seven percent so what is the formula for profit person p by cos price in 200 is equal to seven now we don't know p so we write it as it is but we know the cost price that is 1 lakh 51 000 so we write that in denominator in 200 is equal to 7 so let me put a line in between and then continue so this becomes p is equal to this two zeros will get cancelled so p is equal to seven into 1 5 1 0 right so that is equal to when you calculate you get it as rupees 10 570 right so now we got profit value also now we need to calculate the selling price so selling price formula is equal to cost price plus profit so cost price we already know that is 1 lakh 51 000 plus the profit is 10 570. which is equal to rupees one lakh sixty one thousand five hundred and seventy so we got both the values let us write the solution step therefore profit is equal to 10 570 and selling price is equal to rupees one lakh sixty one thousand five hundred and seventy i hope i have made the solution very clear but if you still have any doubts you can put a message in comment section and subscribe to our channel for further updates thank you"
Related Questions
Exercises

Lido

Courses

Teachers

Book a Demo with us

Syllabus

Maths
CBSE
Maths
ICSE
Science
CBSE

Science
ICSE
English
CBSE
English
ICSE
Coding

Terms & Policies

Selina Question Bank

Maths
Physics
Biology

Allied Question Bank

Chemistry
Connect with us on social media!