BANK & INSURANCE (PARTNERSHIP) PART 1

Total Questions: 75

61. Vasu and Ravi entered into a partnership. Vasu invested Rs.50000 and Ravi invested Rs.45000. At the end of 4 months, Vasu withdrew half of his capital, and at the end of the 5th month Ravi withdrew one third of his capital and then Siddarth entered with a capital of Rs.70000. How will the profit of Rs.185500 be divided at the end of the year?

Correct Answer: (a) 56000,60900,68600
Solution:

Vasu

Ravi

Siddarth

Investment

50000

45000

70000

Period

(4)

(5)

(7)

+++

Investment

25000

30000

Period

(8)

(7)

Ratio of Profit => 400000 435000 490000
=> 80 : 87 : 98

The total Profit is = 185500

Vasu’s Profit = (80/265) × 185500 = 56000
Ravi’s Profit = (87/265) × 185500 = 60900
Siddarth’s Profit = (98/265) × 185500 = 68600

62. M and N invested in a business in which M invests Rs.385 more than N. N invested for 9 months while M invested for 5 months. If M get Rs.65 more than N out of profit of Rs.1350. Then the total amount invested in the business approximately is,

Correct Answer: (b) 7413
Solution:

Let investment of M is x + 385
Let investment of N is x

Profit earned of M & N is,

M/N = (x + 385)×5 / (x×9) ...(1)

Profit of M = 65 + profit of N

Total profit = 1350 = 65 + profit of N + profit of N

Profit of N = Rs.642.5

Profit of M = 65 + 642.5 = Rs.707.5

Profit ratio of both = 707.5 : 642.5
= 283 : 257 ...(2)

From 1 & 2,

283/257 = (x + 385)×5 /(x×9)

X = 392.01

Total investment = (392 + 385)×5 + (392×9)

= Rs.7413

63. Two persons P and Q invested in a business with 21 lakh and 28 lakh rupees. They agree that 30% of the profit should be in the ratio 2:3 for P and Q and the rest is divided between them according to their investment. If Q got Rs.1200 more than P, then then total profit Q is

Correct Answer: (a) 4350
Solution:

Ratio of profit of P & Q is,

P : Q = 21 : 28 => 3 : 4

Let total profit gained be X

Since, 30% of profit should be divided in ratio 2 : 3 for P & Q

Remaining share is = 70% of x

P’s share = 70/100 × x × 3/7 + 30/100 × x × 2/5

Q’s share = 70/100 × x × 4/7 + 30/100 × x × 3/5

(70/100 × x × 4/7 + 30/100 × x × 3/5) − (70/100 × x × 3/7 + 30/100 × x × 2/5)

= 1200

X = Rs 7500

Q’s total profit = 70/100 × 7500 × 4/7 + 30/100 × 7500 × 3/5

= Rs 4350

64. M and N invested in a work which M invest Rs 3015 more than N. N invested for 7 months while M invested for 5 months. If M gets Rs 425 more than N, out of a total profit of Rs 3400. Then the amount invested in the business by M approximately is,

Correct Answer: (a) 6784
Solution:

Let investment of N be x
Profit of N be y

Investment of M is x + 3015

Profit ratio of M & N is,

M : N = (x + 3015)×5 : x×7 ...(1)

Profit of M = 425 + profit of N

Total profit = 3400 = 425 + profit of N + profit of N

Profit of N = Rs 1487.5

Profit of M = 1487.5 + 425

= Rs 1912.5

Profit ratio of M & N = 1912.5 : 1487.5

= 153 : 119 ...(2)

153/119 = (x + 3015)×5 /(x×7)

X = Rs.3769

M’s investment = x + 3015

= 3769 + 3015

= Rs 6784

65. Agalya and Bhairavi enter into a partnership and Agalya invests Rs 14000 in the partnership. At the end of 3 months she invests Rs 5000. At the end of another 3 months, she invests another Rs 6000. If Bhairavi invests a certain sum in the partnership at the beginning of the year and leaves it and receives Rs 9720 as her share if the total of Rs 31320 a year, how much did Bhairavi invest in the company?

Correct Answer: (c) 41400
Solution:

Let investment of Bhairavi be X rupees for 12 months

Agalya’s investment for 12 months

= 14000 × 3 + 5000 × 4 + 6000 × 5

= Rs 92000

Share received by Bhairavi = Rs 9720

Share received by Agalya = Rs 21600

Ratio of their profit

92000 / X = 21600 / 9720

X = Rs 41400

66. A, B and C are 3 partners in a business. Their investments are respectively Rs 2000, Rs 4,000 and Rs 3,000. A gets 30% of total profit for managing the business. The remaining profit is divided among them in the ratio of their investments. At the end of the year, the profit of A is Rs 1100 less than the sum of the profit of B and C. What amount of income will C get?

Correct Answer: (b) Rs 2887.5
Solution:

The ratio of profit of A, B and C is

2000 : 4000 : 3000

= 2 : 4 : 3

Let the annual profit be P

Then, A will get 0.3p for managing the business.

And, remaining 0.7p will be distributed in the ratio of their investment.

So, from the remaining investment, A will get,

= 2/(2+4+3) × 0.7p = 2/9 × 0.7p

B gets = 4/(2+4+3) × 0.7p = 4/9 × 0.7p

and C gets = 3/(2+4+3) × 0.7p = 3/9 × 0.7p

A’s total profit = 0.3p + (2/9) × 0.7p

Given, at the end of the year, the profit of A is Rs 1100 less than the sum of the profit of B and C

=> 4/9 × 0.7p + 3/9 × 0.7p − 1100 = 0.3p + 2/9 × 0.7p

=> 7/9 × 0.7p − 2/9 × 0.7p − 0.3p = 1100

=> p = 12,375

So, C’s share = 3/9 × 0.7p

= Rs 2887.5

67. P started a business in 1990 by investing Rs.25,000. She invested Rs. 10,000 as additional amount in 1991 and her friend Q joined her with an amount of Rs.35,000. P invested another Rs. 10,000 in 1992 and R joined them with Rs. 35,000. At the end of these 3 years, they earned a profit of Rs. 150,000. Find Q's Share?

Correct Answer: (a) Rs.50,000
Solution:

P invested

Rs.25000 for 12 months, Rs.(25000 + 10000) for 12 months,
Rs.(25000 + 10000 + 10000) for 12 months.

i.e., P invested Rs.25000 for 12 months, Rs.35000 for 12 months
Rs.45000 for 12 months.

Q invested Rs.35000 for 2 years
i.e., Rs.35000 for 24 months

And, R invested Rs.35000 for 1 year; i.e., Rs.35000 for 12 months.

Their investing ratio: P : Q : R

= (25000×12 + 35000×12 + 45000×12) : (35000×24) : (35000×12)

= 252 : 168 : 84

= 3 : 2 : 1

Total profit for 3 years = Rs.1,50,000

then, Q’s share = Rs.(1,50,000 × 2 /(3+2+1))

= Rs.50,000

68. A started a business with Rs.52000 and after 4 months B joined him with Rs.39000. At the end of the year, out of the total profit B received total Rs.20000 including 25% of the profit as commission for managing the business. What amount did A receive?

Correct Answer: (a) Rs.20000
Solution:

Ratio of their capital = 52000 : 39000 = 4 : 3

Ratio of their time = 12 : 8 = 3 : 2

Ratio of profit = 4×3 : 3×2 = 12 : 6 = 2 : 1

Let profit of A be 200 units and profit of B be 100 units

Total profit = 300 units

For running business B received = 0.25 × 300

= 75 units

Remaining profit will be divided in the ratio of their capitals.

So, profit of A = 225/3 × 2 = 150 units
Profit of B = 225/3 × 1 = 75 units

Total profit of B = (75 + 75) = 150 units

According to the question,

150 units = Rs.20000

69. A and B started a business after investing Rs. 12,000 and Rs. 14,400 respectively. At the end of the year B gets 12% of the total profit as management fees and the rest amount is distributed between both the partners in the ratio of their investments. If total annual profit is Rs. 7,500, then find the difference between their profits.

Correct Answer: (d) Rs.1500
Solution:

From the given data,

Ratio of capital = 12000 : 14400 = 5 : 6

Required Difference

= (6−5 / 6+5) × (88/100 × 7500) + (12/100 × 7500)

= 1/11 × 88 × 75 + 12 × 75

= 600 + 900 = 1500

70. Shina and Bhuwan started a business of utensils in Jagadhari by investing their money in the ratio of 4:3 respectively. After seven months, Preeti joined them by investing her money equal to Shina's investment. After 2 years, they get 25% profit which is equal to the amount Rs. 14750. Find the Investment of Preeti.

Correct Answer: (b) Rs. 17000
Solution:

Let the weighted ratio be 4x, 3x, and 4x

First of all, to calculate their weighted ratios

⇒ Shina = 4 × 24 (2 years = 24 months) = 96

⇒ Bhuwan = 3 × 24 (2 years = 24 months) = 72

⇒ Preeti = 4 × 17 (24 months − 7 months) = 68

Ratio will be 24 : 18 : 17

Total profit after 2 years

= 14750 × 100/25 = Rs 59000

⇒ Investment by Preeti

= 59000 × 17 / 59 = Rs 17000