Question : Profit after selling a commodity for Rs. 400 is the same as loss after selling it for Rs. 300. The cost of the commodity is:
Option 1: Rs. 450
Option 2: Rs. 400
Option 3: Rs. 350
Option 4: Rs. 250
Correct Answer: Rs. 350
Solution :
Let's denote the cost price of the commodity as C.
The profit after selling it for Rs. 400 is given by the formula:
Profit = Selling price − Cost price
⇒ Profit = 400 − C
The loss after selling it for Rs. 300 is given by the formula:
Loss = Cost price − Selling price
⇒ Loss = C − 300
Since Profit = Loss
⇒ 400 − C = C − 300
⇒ 2C = 700
⇒ C = 350
Hence, the correct answer is Rs. 350.
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