Question
Download Solution PDFA person P started a business with ₹5,00,000. After 3 months, another person Q joined P with ₹4,00,000 in the business. At the end of the year, out of the total profit Q received a total of ₹50,000 including 20% of the profit for managing the business. Then the amount P received is
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
P invested = ₹5,00,000
Q invested = ₹4,00,000 (after 3 months)
Q received ₹50,000 total, including 20% of total profit as management share
Formula used:
Profit ratio ∝ Investment × Time
Calculation:
P’s investment for 12 months = 5,00,000 × 12 = 60,00,000
Q’s investment for 9 months = 4,00,000 × 9 = 36,00,000
Ratio of profit (P : Q) = 60 : 36 = 5 : 3
Let total profit = x
Q’s total share = ₹50,000
Management share = 20% of x = 0.2x
Remaining profit = 0.8x
Q’s share in remaining = 3/8 of 0.8x = 0.3x
Total received by Q = 0.2x + 0.3x = 0.5x
⇒ 0.5x = 50000
⇒ x = 1,00,000
P’s share = 5/8 of 0.8x = 0.5x = ₹50,000
∴ Amount received by P = ₹50,000
Last updated on Sep 27, 2023
The Telangana Police SI Notification is expected to be released soon. The TSLPRB has concluded the previous cycle recently on in August 2023. The upcoming notification is a golden opportunity for candidates who want to join the police force in the state of Telangana. Candidates must attempt the Telangana Police SI mock tests. The Telangana Police SI previous year papers can be downloaded here.