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                                     Profit & loss
This is very commonly used section by most of the companies and competetitve exams. Here are important formulas & definitions for you.

Cost price: The price at which article is purchased is known as C.P.

Selling price: The price at which article is sold is known as S.P.

Profit or gain: In mathematical terms we say if S.P is greater than C.P, then seller is said to have incurred profit or gain.

Loss: If Selling Price S.P is less than Cost price C.P, the seller is said to have incurred Loss.

                              Formulae to remember 

Gain= (S.P)-(C.P).
Loss= (C.P)-(S.P).
Loss or gain is always reckoned on C.P
Gain %= {gain*100}/C.P.
Loss% ={loss*100}/C.P.
If the article is sold at a gain of say 35%, Then sp =135% of cp.
If a article is sold at a loss of say 35%. Then Sp=65% of cp.
If the trader professes to sell his goods at Cp but uses false weights, then Gain=[error/(true value)-(error)*100]%.

                                    Tricky formulas

S.P={(100+gain%) /100}*C.P.

S.P= {(100-loss% )/100}*C.P.

C.P= {100/(100+gain%)} *S.P

C.P=100/(100-loss%)}*S.P

When a person sells two items, one at a gain of x% and other at a loss of x%. Then the Seller always incurs a loss given by : (x²/ 10)

If price is first increase by X% and then decreased by Y% , the final change % in the price is X- Y - XY/100

If price of a commodity is decreased by a% then by what % consumption should be increased to keep the same price (100*a) / (100-60)