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Ramniklal purchased a piece of agricultural land for Rs. 51 lakh. He spent Rs. 2 lakh on converting the land into non-agricultural use, Rs. 2 lakh for registration and stamp duty and Rs. 1 lakh towards administrative expenses. Then, he divided the plot into 8 equal plots and sold each plot at a value of Rs. 10.5 lakh. What was the percentage profit that Ramniklal made in the entire transaction?

Ramniklal purchased a piece of agricultural land for Rs. 51 lakh. He spent Rs. 2 lakh on converting the land into non-agricultural use, Rs. 2 lakh for registration and stamp duty and Rs. 1 lakh towards administrative expenses. Then, he divided the plot into 8 equal plots and sold each plot at a value of Rs. 10.5 lakh. What was the percentage profit that Ramniklal made in the entire transaction? Correct Answer 50% profit

Given,

Ramniklal purchased a piece of agricultural land for Rs. 51 lakh. He spent Rs. 2 lakh on converting the land into non-agricultural use, Rs. 2 lakh for registration and stamp duty and Rs. 1 lakh towards administrative expenses.

Formula:

Profit = SP - CP

Profit % = (Profit/CP) × 100

Calculation:

Final cost of land bought by Ramnik Lal = (51 + 2 + 2 + 1) lakh = Rs. 56 lakh

He divides the land in 8 equal part and sold each Rs. 10.5 lakh, then

⇒ Total Selling price of the land = 10.5 × 8 = 84 lakh

Profit = 84 - 56 = 28 lakh

∴ Profit percent = 28/56 × 100 = 50%

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