Profit, Loss and Discount

If you buy a mobile for Rs 1000, then it is called Cost Price. If you sell that to me for Rs 2500 (don't worry, I am dumb enough to buy that) then it is called the Selling Price. Here you made a "PROFIT" or "GAIN" of Rs 1500. If i sell the same mobile for Rs. 1800 to anybody else, then I will make a "LOSS" of Rs. 700.

Simply we can say that, if the Selling Price is is more than the Cost Price we can Make Profit. or If the Cost Price is more than the Selling Price then we will end up with Loss.

Profit = Selling Price (S.P) - Cost Price (C.P)

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