Here Some Basic Formulas/Rules Are given below :-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. 1
Profit or Gain : If S.P. is greater than CR, 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.