A shopkeeper bought 1000 coconuts for Rs. 8500, out of which 50 coconuts were spoiled. He sold the remaining coconuts for Rs. 12 each. Find the profit and profit percentage earned by the shopkeeper.

Hint: We have been given the cost price of the 1000 coconuts and we need to find the profit and profit percentage. For that, we need to find the selling price of the coconuts by taking care of all the conditions. If the cost price is greater than selling price, then the shopkeeper has suffered a loss and if the selling price is greater than cost price then the shopkeeper has made a profit.
The formula for profit percentage is profit percentage = $\dfrac{\text{Profit}}{\text{Costprice}}\text{ }\!\!\times\!\!\text{ 100}$ .

Complete step-by-step answer:
A shopkeeper bought 1000 coconuts for Rs. 8500, so the cost price for 1000 coconuts is Rs. 8500
According to the condition, 50 coconuts are spoiled. That means that there are only 1000 – 50 =950 coconuts available for selling.
As per the condition, the selling price for each coconut is Rs. 12 each.
Therefore, the selling price of 950 coconuts is 12 x 950 = Rs. 11400.
We have the selling price at Rs. 11400 and the cost price as Rs. 8500.
If the cost price is greater than selling price, then the shopkeeper has suffered a loss and if the selling price is greater than cost price then the shopkeeper has made a profit.
We can say that the selling price is greater than the cost price. So, the shopkeeper has made the profit.
The formulas for profit are given as profit = selling price – cost price.
Substituting the values, we get,
Profit = Rs. 11400 – Rs. 8500 = Rs. 2900…………..(i)
Also, we have asked to find the profit percentage,
The formula for profit percentage is given by Profit percentage = $\dfrac{\text{Profit}}{\text{Costprice}}\text{ }\!\!\times\!\!\text{ 100}$ .
Substituting the values, we get,
Profit percentage = $\dfrac{2900}{8500}\times 100=34.11%$ .
Therefore, the profit made by the shopkeeper is Rs. 2900 and the profit percentage is 34.11%.

Note: While finding the profit or loss percentage, we need to keep in mind that we need to compute the profit or loss with cost price only and not with the selling price. Also, we need to be careful to not miss the condition that 50 coconuts are spoiled, that means there are 50 coconuts that are less from 1000 coconuts for selling.