1. Formulas for calculating profit and loss key formulas include: Profit = Selling Price - Cost Price. Loss = Cost Price - Selling Price.
2. Profit Percentage: P% = (P/CP) x 100. Loss Percentage: L% = (L/CP) x 100. Selling Price Calculation: SP = [(100 + P%)/100] x CP. Selling Price Calculation (Alternative): SP = [(100 - L%)/100] x CP.
3. The profit or gain is equal to the selling price minus the cost price. Loss is equal to the cost price minus the selling price.
