RD Sharma Solutions for Class 7 Chapter 12 explains the concept of a percentage to find profit and Loss in buying and selling good in our day-to-day life. The extra money earned by selling an article is called profit or gain when Selling Price (S.P.) is greater than the Cost Price (C.P.). The money lost by selling an article is called Loss. When Cost Price (C.P.) is greater than the Selling Price (S.P.), we have a loss. The concepts covered in this chapter are cost price, selling price, profit per cent, Loss per cent, computing cost price and selling price when profit or Loss is given and some verbal problems related to Profit and Loss.