Correct Answer - Option 2 : Loss of Rs. (1/6) lakh
Given:
Selling Price of car = Selling Price of jeep = Rs. 2 lakh
Profit in car = 20%
Loss in jeep = 20%
Formula Used:
Profit % = ((SP - CP)/CP) × 100%
Loss % = ((CP - SP)/CP) × 100%
Calculation:
Let the cost price of car = Rs. x lakh
Profit in car = 20%
Profit % = ((SP - CP)/CP) × 100%
20 = ((2 - x)/x) × 100
⇒ 1/5 = (2 - x)/x
⇒ x = 10 - 5x
⇒ 6x = 10
⇒ x = 5/3
Cost price of car = Rs. (5/3) lakh
Let the cost price of jeep = Rs. y lakh
Loss in jeep = 20%
Loss % = ((CP - SP)/CP) × 100%
⇒ 20 = ((y - 2)/y) × 100
⇒ 1/5 = (y - 2)/y
⇒ y = 5y - 10
⇒ 4y = 10
⇒ y = 5/2
Cost price of jeep = Rs. (5/2) lakh
Total cost price of car and jeep = Rs. (5/3) lakh + Rs. (5/2) lakh
⇒ Total cost price of car and jeep = Rs. (25/6) lakh
Total selling price of car and jeep = Rs. 4 lakh
Loss = CP - SP
⇒ Loss = Rs. (25/6) lakh - Rs. 4 lakh
⇒ Loss = Rs. (1/6) lakh
∴ The entire transaction resulted in loss of Rs. (1/6) lakh.