Which of the following statements are correct? A. If the cost price of an item is Rs.56 and the gain…

For A, a 20% gain on Rs. 56 gives a selling price of $56 \times 1.2 = \text{Rs. } 67.20$, not Rs. 76.20, so A is wrong. For B, a 15% loss on Rs. 80 gives $80 \times 0.85 = \text{Rs. } 68$, so B is right. For C, a profit of Re 1 on a cost price of Rs. 5 is $\frac{1}{5} \times 100 = 20\%$, not 25%, since profit per cent is reckoned on the cost price; so only B is correct.