A house and a shop were sold for Rs. 1 lakh each. In this transaction, the house sale resulted into 20 percent loss whereas the shop sale into 20 percent profit The entire transaction resulted in

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Q: 107 (CDS-I/2004)
A house and a shop were sold for Rs. 1 lakh each. In this transaction, the house sale resulted into 20 percent loss whereas the shop sale into 20 percent profit The entire transaction resulted in

question_subject: 

Polity

question_exam: 

CDS-I

stats: 

0,9,13,8,5,9,0

keywords: 

{'percent profit': [0, 0, 1, 0], 'percent loss': [0, 0, 1, 0], 'shop sale': [0, 0, 1, 0], 'house sale': [0, 0, 1, 0], 'loss': [4, 3, 2, 4], 'lakh': [2, 1, 2, 7], 'gain': [0, 1, 2, 1], 'transaction': [0, 0, 1, 4], 'shop': [0, 0, 1, 1], 'house': [15, 3, 9, 18], 'entire transaction': [0, 0, 1, 0]}

In this transaction, we are given that the house was sold at a 20% loss and the shop was sold at a 20% profit. To find the overall result of the transaction, we need to calculate the net effect of both the loss and the profit.

Let`s assume the cost price of the house and the shop is x lakh each.

Since the house was sold at a 20% loss, its selling price would be 80% of its cost price. Therefore, the selling price of the house would be 0.8x lakh.

Similarly, the shop was sold at a 20% profit, so its selling price would be 120% of its cost price. Therefore, the selling price of the shop would be 1.2x lakh.

Now, let`s find the total selling price of both the house and the shop:

Total selling price = Selling price of house + Selling price of shop

= 0.8x + 1.2x

= 2x lakh

Given that the total selling price of the house and the shop is 1 lakh each, we can equate it to 2x and solve for x:

2x = 1 lakh

x = 1/2 lakh