Solution:
From Statement I,
Profit earned = Rs. 3,20,000
It is not sufficient to answer the question
statement II
Selling price was twice the cost price
Hence, profit = 6,40,000 ÷ 2
⇒ 3,20,000
Selling price = 3,20,000 × 2
⇒ 6,40,000
Selling price = cost price + profit
⇒ 6,40,000 = cost price + 3,20,000
Hence, cost price = 3,20,000
Hence, Statement II alone is not sufficient to answer the question
Buy using statement I and II we can solve the question
∴ Both statements are necessary to answer the question
© examsnet.com