Abraham bought goods worth ₹ 50,000 and spent ₹ 7000 on transport and octroi. If he sold the goods for ₹ 65,000, did he make a profit or incur a loss? How much?

Explanation

To solve the problem step by step, we will calculate the total cost price, the selling price, and then determine whether Abraham made a profit or incurred a loss.

### Step 1: Calculate the Total Cost Price (CP)
Abraham bought goods worth ₹ 50,000 and spent ₹ 7,000 on transport and octroi.

\[ \text{Total Cost Price (CP)} = \text{Cost of Goods} + \text{Transport and Octroi} \]
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