Profit and loss

Cost Price:

·                     The price at which an article is purchased, is called its cost price abbreviated as C.P.

 

Selling Price:

·                     The price at which an article is sold, is called its selling price, abbreviated as S.P.

 

Profit or Gain:

·                     If S.P. is greater than C.P., the seller is said to have a profit or gain.

 

Loss:

·                     If S.P. is less than C.P., the seller is said to have incurred a loss.

 

profit and loss

profit and loss concepts