THE BICYCLE THIEF.—solution
People give all sorts of absurd answers to this question, and yet it is perfectly simple if one just considers that the salesman cannot possibly have lost more than the cyclist actually stole. The latter rode away with a bicycle which cost the salesman eleven pounds, and the ten pounds "change;" he thus made off with twenty-one pounds, in exchange for a worthless bit of paper. This is the exact amount of the salesman's loss, and the other operations of changing the cheque and borrowing from a friend do not affect the question in the slightest. The loss of prospective profit on the sale of the bicycle is, of course, not direct loss of money out of pocket.
click here to go to my blog.
See more interesting puzzles at http://puzzles.50webs.org