BANK & INSURANCE (PARTNERSHIP) PART 1

Total Questions: 75

71. Suman and Chavi started a business by investing Rs 1960 and Rs 2450 respectively. Chavi got Rs 200 per month for her work. After 5 months, Suman added Rs 340 more and Chavi left. If after a year they get a total profit of Rs 18,850, then what total amount did Chavi get?

Correct Answer: (e) Rs 6,250
Solution:

Ratio of shares of profit of

Suman : Chavi

1960×5 + 2300×7 : 2450×5

⇒ 280×5 + 2300 : 350×5

⇒ 74 : 35

Chavi got 200×5 = Rs 1000 for her work, so now the profit which will be divided according to ratio will be

18850 − 1000 = Rs 17,850

So Chavi’s share = 5,250

So total amount of Chavi = 1000 + 5250 = Rs 6,250

72. There are two persons Ranit and Ratan. Ranit supplies whole of the capital amounting to Rs. 45000 with the condition that the profits are to be equally distributed and that Ratan pays Ranit interest on half of the capital at 10% per annum, but receives, Rs. 120 per month for carrying on the concern. What is their total yearly profit, when Ratan's income is 1/2 of Ranit's income.

Correct Answer: (c) Rs.9180
Solution:

Let total Profit be x

Amount received by Ratan (from the total profit)

= 120×12 = 1440 − 120×12 = 1440

Amount received by Ranit (from Ratan) as interest

= 22500×10/100 = 2250

Let total profit = 2x + 1440

Then, Ranit and Ratan gets xx as share of the profit.

Ranit’s total income in the year = x + 2250

Ratan’s total income in the year

= x + 1440 − 2250

= x − 810

2(x − 810) = x + 2250

⇒ 2x − 1620 = x + 2250

⇒ x = 3870

Total yearly profit = 2x + 1440 = Rs.9180

73. Directions (73-75): A, B and C started a business by investing Rs 800, Rs 1600 and Rs 2000 respectively. After a quarter they invested amounts in a ratio 1 : 4 : 2. After another quarter, they invested amounts in ratio 3 : 2 : 3. In the last quarter the ratio of investments was same as in 2nd quarter. Also in the last quarter, the respective amounts of A, B and C was double than the respective amounts invested in 2nd quarter. The total investment of C before 4th quarter was Rs 1400 more than that of A during same duration. Also ratio of B's share in profit to total profit at the end of year was 66 : 153.

Ques: Find the total investment of A, B and C.

Correct Answer: (a) Rs 10,200
Solution:

Quarters means 3 months each

Ratio of investments in 2nd quarter – 1 : 4 : 2, so let amounts – x, 4x, 2x

Ratio of investments in 3rd quarter – 3 : 2 : 3, so let amounts – 3y, 2y, 3y

In last quarter, respective amount is double then in 2nd quarter, so amounts – 2x, 8x, 4x

In the last quarter the ratio of investments was same as in 2nd quarter. — this is not required to solve question.

Given

(2000 + 2x + 3y) = 1400 + (800 + x + 3y)

Solve, x = Rs 200

Now ratio of profit share – A : B : C is

800×3 + x×3 + 3y×3 + 2x×3 : 1600×3 + 4x×3 + 2y×3 + 8x×3 : 2000×3 + 2x×3 + 3y×3 + 4x×3

3 gets cancelled, gives

(800 + 3x + 3y) : (1600 + 12x + 2y) : (2000 + 6x + 3y)

Put x = 200 gives

1400 + 3y : 4000 + 2y : 3200 + 3y

Now given

(4000 + 2y) / (1400 + 3y + 4000 + 2y + 3200 + 3y)

= 66 / 153

(2000 + y) / (4300 + 4y) = 22 / 51

Solve, y = Rs 200

So now the total investment is (800 + 3x + 3y) + (1600 + 12x + 2y) + (2000 + 6x + 3y)

= (4400 + 21x + 8y)

put x = 200, y = 200

total investment = Rs 10,200

74. If they respectively had invested same amounts in each quarter after quarter 1 which is equal to their respective investments in quarter 1, then what would be the profit of A at the end of year out of a total profit of Rs 19,350?

Correct Answer: (d) Rs 3150
Solution:

800, 1600, 2000 as it is for 3 months, and then for next 9 months x, 4x and 2x

So ratio of profit share – A : B : C is

800×3 + 200×9 : 1600×3 + 800×9 : 2000×3 + 400×9

= 7 : 20 : 16

So profit share of A = 7/43 × 19350

= Rs 3150

75. If the respective investments in third quarter was changed and this was in ratio 2 : 4 : 1 (other investments being the same), then what would be the total investment of all three in third quarter, if the average investment of all A B and C was Rs 3100 for whole year?

Correct Answer: (a) Rs 700
Solution:

New investments – 3z, 2z, and 2z

Investment of A = (800 + 3x + 2z)

B = (1600 + 12x + 4z)

and C = (2000 + 6x + 1z)

Put x = 200

A = 1400 + 2z, B = 4000 + 4z, C = 3200 + 1z

Now given

(1400 + 2z + 4000 + 4z + 3200 + 1z) / 3

= 3100

Solve, z = Rs 100

So total investment for quarter 3

= 2z + 4z + z = 7z = Rs 700