BANK & INSURANCE (PARTNERSHIP) PART 2

Total Questions: 45

11. Three men A, B and C start a business together, they invest Rs. 24,000, Rs. 30,000 and Rs. 36,000 respectively in the beginning. After 6 months B took out Rs. 5000 and after 4 months C took out Rs. 6000 then they get a profit of Rs. 10020 at the end of the year. What is B's share in the profit?

Correct Answer: (c) Rs. 3300
Solution:

B's remaining amount after 6 months = Rs. (30,000 − 5000)
⇒ Rs. 25000

C's remaining amount after 4 months = Rs. (36,000 − 6000)
⇒ Rs. 30000

Now Ratio of profit A, B and C

⇒ (24000 × 12) : [(30000 × 6) + (25000 × 6)] : [(36000 × 4) + (30000 × 8)]

⇒ 288000 : (180000 + 150000) : (144000 + 240000)

⇒ 288000 : 330000 : 384000

⇒ 48 : 55 : 64

Ratio of profit A, B and C = 48 : 55 : 64

Total profit = (48 + 55 + 64) units
⇒ 167 units

According to the question,
167 units = Rs. 10020

⇒ 1 unit = Rs. 60

⇒ 55 units = Rs. 3300

B's share in profit = 55 units

⇒ Rs. 3300

∴ The share of B in the profit will be Rs. 3300.

12. Sudha, Sita and Ravita are three friends invested in a business in the ratio of 7 : 8 : 6. If Sudha and Ravita invested for one year, then Sita should invest for how many months if she wants to receive 40% of the total profit at the end of one year?

Correct Answer: (d) 13 months
Solution:

Let Sita invested for = x month

The ratio of their share
= 7 × 12 : 8 × x : 6 × 12

⇒ 84 : 8x : 72

Share of Sita in profit is 40% so,

According to question

⇒ 8x / (84 + 8x + 72) = 40%

⇒ 8x / (84 + 8x + 72) = 2/5

⇒ 40x = 168 + 16x + 144

⇒ 24x = 312

⇒ x = 13

∴ To earn 40% profit Sita has to invest for 13 months.

13. Sujata and Kavita started a parlor into a partnership with investment in the ratio of 4 : 3 respectively. Among them, Kavita is the working partner for which she gets 15% of the total profit and Sujata is the sleeping partner. If at the end of one year they earned a profit of Rs. 50000 out of which 8% goes to the charity. Find the share of Kavita in the profit.

Correct Answer: (a) Rs. 24000
Solution:

Amount goes to charity
= 8% × 50000 = Rs. 4000

Amount goes to Kavita as a working partner
= 15% × 50000 = Rs. 7500

Remaining amount
= Rs. (50000 − 7500 − 4000)
= Rs. 38500

Share of Kavita in the remaining profit
= 3 × 38500 / 7
= Rs. 16500

Total share of Kavita
= Rs. (7500 + 16500)
= Rs. 24000

∴ kavita's total share of profit is Rs. 24,000.
[15% as working partner and remaining as ratio of investment]

14. Ram, Bharat and Sham signed an agreement of partnership in the ratio 7/2 : 4/3 : 6/5. After 4 months, Ram increased his share 50%. If the total profit at the end of one year be Rs. 16,200, then sham's share in the profit is:

Correct Answer: (a) Rs. 2700
Solution:

Ratio of the initial investment
= 7/2 : 4/3 : 6/5

⇒ 105 : 40 : 36

So the actual investment of Ram, bharat, sham

= 105x, 40x and 36x

Ram increases his share 50% after 4 months.

Hence the ratio of their investments

⇒ (105x × 4) + (105x × 150/100 × 8) : 40x × 12 : 36x × 12

⇒ 1680x : 480x : 432x

⇒ 35 : 10 : 9

⇒ Sum of ratio = 35 + 10 + 9 = 54

∴ Sham's profit
= (9/54) × 16,200 = 2700 Rs.

∴ Sham's share in the profit is Rs 2,700

15. A, B and C started a business with a capital of Rs. 24000, Rs. 18000 and Rs. 12000 respectively and they decided to share their profit according to the ratio of their capital but A is working partner and takes 37 ½ % of the total profit as salary. If C withdraws his capital after 6 months and profit after one year is Rs. 32,800. Then find the share of A?

Correct Answer: (a) Rs. 22,500
Solution:

Since C withdraws his capital after 6 months.

Ratio of capital of A, B and C
= 24000 : 18000 : 12000

= 4 : 3 : 2

Ratio of time period of A, B and C (months)
= 12 : 12 : 6 = 2 : 2 : 1

So, the ratio of their profit
= 4 × 2 : 3 × 2 : 2 × 1

⇒ 4 : 3 : 1 = 8 units

Total profit = Rs. 32,800

According to question,

Share of profit received by A as salary
= 37 ½ % of 32,800

⇒ 32800 × 3/8 = Rs. 12,300

Remaining profit to be distributed equally among three
= 32,800 − 12,300 = Rs. 20,500

Now, share of A in the remaining profit

= 20500 × 4/8 = Rs. 10250

The total share of A
= 12,300 + 10,250 = Rs. 22,550

∴ The Total share of A is Rs. 22,550

16. A, B and C started a business by investing Rs. 8000, Rs. 10000 and Rs. 12000 respectively. B gets 25% of profit for supervising the management and rest of the amount is divided in proportion of their capital. If the share of B is Rs. 4900 at the end of the year, what is the sum of the share of A and C together?

Correct Answer: (b) 4900
Solution:

Investment ratio = 4 : 5 : 6

Let, the total profit amount = Rs. 100x

After giving the extra profit amount to B for management,

remaining profit amount

= 100x − (100x × 25%)

= 75x

After dividing the remaining profit amount into the investment ratio,

Total share of B = 75x × (5/15) + 25x

According to the question,
⇒ 75x × (5/15) + 25x = 4900
⇒ x = 98

∴ Total profit amount = 100x = 100 × 98 = 9800

∴ Total share of A and C together = (9800 − 4900)
= Rs. 4900

17. Dipesh, harjot and lavi invests in a business wherein dipesh contributes 1/8th of the total capital for 1/3rd of time, harjot contributes 1/4th of capital for 1/2 of time and lavi invests remaining capital for full time. If this investment is for 18 months and investment by harjot is Rs. 30000 then find the difference in dipesh's and lavi's share of profit if total profit gain% is 19% from total investment made.

Correct Answer: (d) Rs. 16800
Solution:

Total capital = 4 × 30000

⇒ Total capital = 120,000

⇒ Investment by dipesh = 120,000 / 8

⇒ Investment by dipesh = 15000

⇒ Investment by lavi = 75000 (120,000 − 15,000 − 30,000 = 75,000)

⇒ Duration of investment Dipesh = 6 months (∵ 18/3 = 6)

⇒ Duration of investment harjot = 9 months (∵ 18/2 = 9)

⇒ Profit share of dipesh : Harjot : Lavi
= (6 × 15000) : (9 × 30000) : (18 × 75000)

⇒ Profit share of dipesh : Harjot : Lavi = 10 : 30 : 150

⇒ Profit share of dipesh : Harjot : Lavi = 1 : 3 : 15

Profit earned = 12000 × 19 / 100

⇒ Profit earned = 22800

Difference between lavi and dipesh’s profit share

⇒ 22,800 × (15 − 1) / 19

⇒ Difference between lavi and dipesh’s profit share

= 16,800

∴ required profit share is Rs. 16800

18. Chunnu starts a dairy with the investment of Rs. 60,000. After some time Munnu joined him with Rs. 40,000. If the profits at the end of the year are divided in the ratio 3 : 1, then for much period does Munnu join?

Correct Answer: (c) 6 months
Solution:

Let Munna joined for x months

Then, (60,000 × 12) / (40000x) = 3/1

x = (60000 × 12) / (40000 × 3)

x = 6

∴ Munnu joined Chunnu for 6 months only

19. A and B started a business investing amounts of Rs. 6000 and Rs. 8000 respectively. If both incurred loss at the end of a year and B's share in loss is Rs. 2000, then what is the total loss incurred?

Correct Answer: (e) Rs. 3500
Solution:

Let loss share of A = x

(Investment of A)/(Investment of B) = (Loss of A)/(Loss of B)

6000/8000 = x/2000

⇒ x = (6000 × 2000)/8000

⇒ x = 1500

Total loss = 2000 + 1500 = 3500

∴ Total loss incurred is Rs. 3500.

20. A, B, C enters in a partnership for 12 months. B contributes one-third of total capital which they have, while A contributes as much as B and C together. If the total profit at the end of the year is Rs.1560, how much would each of them will receive respectively?

Correct Answer: (b) Rs.780, Rs.520, Rs.260
Solution:

Let A’s investment be ‘A’, B’s investment ‘B’, C’s investment be ‘C’ and the total capital they invest be Rs. R

B’s investment = R/3 —— (i)

Therefore, investment of both A and C will be 2R/3 —— (ii)

A.T.Q A’s investment = B + C On adding C both side, we get

A’s share = (3/6) × 1560 = Rs. 780

B’s share = (2/6) × 1560 = Rs. 520

C’s share = (1/6) × 1560 = Rs. 260