Question

A shopkeeper sold his old furniture to his friend at a loss of 12% but his friend eanred a profit of 17% by selling the same furniture to his relatives at Rs. 10,296. Find the cost price of furniture for a shopkeeper.
1. Rs. 12000
2. Rs. 10000
3. Rs. 13000
4. Rs. 14000

Answer 1

Correct Answer - Option 2 : Rs. 10000

Given:

Loss for shopkeeper = 12%

Profit for shopkeeper’s friend = 17%

Selling price of furniture = Rs. 10,296

Calculation

Let the cost price for shopkeeper of furniture is Rs. x

Selling price of furniture for shopkeeper = x – 12% of x

⇒ 88x/100

Selling price of furniture for shopkeeper’s friend = (88x/100) + 17% of (88x/100)

⇒ 1.0296x

According to question:

⇒ 1.0296x = 10296

⇒ x = 10000

hence, cost price of furniture for a shopkeeper is Rs. 10000.