12 Jan 2016

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Basics Of Partnership Based Problems SSC

BASICS OF PARTNERSHIP

Problems based on partnership are asked a number of time in SSC,Banking and various other competitive exams. So it becomes necessary for us to learn this topic in detail.Before Proceeding to our topic let us take some Realistice Problems:

Q.Jeet and singh  decided to start an ice-cream parlor in partnership.
Their individual investment is rupees 2,70,000 and 2,10,000 respectively.
At the end of first year, they make profit of Rs.80,000. Find Jeet’s share in this profit?

Q.Jeet starts an Ice cream parlour with initial investment of Rs.2.7 lakhs.
After 3 months, Singh joins him with investment of Rs.2.1 lakh.
At the end of first year, they make profit of Rs.95,000.
Find out Jeet’s share in this profit?

Q.Jeet, Singh and Mehta start an ice cream parlor with initial investment of Rs. 2.1lakhs, 2.7lakhs and 1.5 lakhs respectively. At the end of one year, they make profit of Rs.1.05 lakhs. Find the Share of Mehta in this profit.

Q.Jeet starts an ice cream parlour with initial investment of 3 lakhs.
3 months later Singh joins him with investment of Rs.2 lakhs and stays till the end.
Later on Mehta also joins them and contributes Rs.1 lakh and stays till the end.
After one year, they make total profit of Rs.28,000 and Mehta is given Rs.1000 out of this profit.
Find out when did Mehta join the business?

Case 1: Two Partners join @Same Time Period


Q.Jeet and singh  decided to start an ice-cream parlor in partnership.
Their individual investment is rupees 2,70,000 and 2,10,000 respectively.
At the end of first year, they make profit of Rs.80,000. Find Jeet’s share in this profit

Step 1: Fill up the table


Make a table





















NameInitial InvestmentMonthsActual Investment=Initial x months
Jeet2.7lakh122.7 x 12
Singh2.1lakh122.1 x 12

Step 2: Find Ratio of Actual investment


Actual Investment Ratio of Jeet : Singh
= (2.7 x 12) / (2.1 x 12)
=9:7
Therefore, whatever profit is made, they must share it in the ratio of their investment =9:7

Step 3: Componendo on Total Profit


This means, whatever “total” profit is made, Jeet should get 9/16th part of that “total” profit.
Given: they made profit of Rs.80,000
Hence Jeet’s share in profit
=(9/16) multiplied with 80,000
=Rs.45000
Corporally to that, Singh’s share in profit
= Total profit Minus Jeet’s share in profit
=80000-45000
=35000

Alternatively:Singh’s share in profit

Therefore Singh’s share in profit = 7/16th of Total profit
=(7/16) x 80000
=35000
Time to complicate the case.

Case 2: Two Partners join @Different Time


Jeet starts an Ice cream parlour with initial investment of Rs.2.7 lakhs.
After 3 months, Singh joins him with investment of Rs.2.1 lakh.
At the end of first year, they make profit of Rs.95,000.
Find out Jeet’s share in this profit?

Answer:
Jeet starts the business and Singh Joins after 3 months.
It means Singh stayed in the business 12 minus 3 =9 months.
Fill up the table

Step 1: Fill up table























NameInitial InvestmentMonthsActual Investment
Jeet2.7lakh12=2.7 x 12
Singh2.1lakh9=2.1 x 9

Step 2: Find Ratio of Actual investment


Actual Investment Ratio of Jeet:Singh
= (2.7 x 12) / (2.1 x 9)
=12/7

Step 3: Apply Componendo on Total Profit


Profit share of (Jeet:Total)
= 12/(12+7)
=12/19th part of total
Given: they made profit of Rs.95000
Jeet’s share in profit
=(12/19) x 95000
=Rs.60000
And Singh’s share in profit
= 95000 minus 60000
=35,000

Case 3: Three partners join @same time


Jeet, Singh and Mehta start an ice cream parlor with initial investment of Rs. 2.1lakhs, 2.7lakhs and 1.5 lakhs respectively. At the end of one year, they make profit of Rs.1.05 lakhs. Find the Share of Mehta in this profit.
The method remain the same.

Step 1: Fill up table

























NameInitial InvestmentMonths
Jeet2.7 lakh12
Singh2.1 lakh12
Mehta1.5 lakh12

The “Months” column isn’t really important, unless the partners are joining at different time (as happened in case#2)
Because x12 months will cut each other when we take ratio since they’re common for each partner.
So we can simply ignore that column and concentrate on

Step 2: Ratio of Actual investment


Jeet : Singh : Mehta
= 2.7 : 2.1 : 1.5
If you multiply each with 10
=27:21:15
If you divide each number with 3
=9:7:5

Step 3: Componendo


Mehta’s share
= 5 / (9+7+5)
=(5/21) x 1,05,000
=Rs.25000

Alternative: without simplifying the ratio

Since all partners joined @ same time, the months aren’t important. We can directly use the money invested by them.

Mehta’s share ratio

= 1.5 lakh / (1.5 lakh + 2.1 lakh + 2.7 lakh)
=1.5/6.3
Mehta’s share in total profit
=(1.5/6.3) x 105000
=Rs.25000
Now let’s try a complicated problem that uses all of above cases.

Case 4: All In One









Jeet starts an ice cream parlour with initial investment of 3 lakhs.
3 months later Singh joins him with investment of Rs.2 lakhs and stays till the end.
Later on Mehta also joins them and contributes Rs.1 lakh and stays till the end.
After one year, they make total profit of Rs.28,000 and Mehta is given Rs.1000 out of this profit.
Find out when did Mehta join the business?

Jeet started the business. Singh joined 3 months after Jeet.
Hence Singh stayed in business for 12 minus 3 = 9 months.
Assume Mehta stayed in business for “m” months.

Step 1: Fill up the table





























NameInitial InvestmentMonthsActual investment
=Initial investment x Months
Jeet3 lakhs123 x 12 =36
Singh2 lakhs92 x 9 =18
Mehta1 lakhM1 x M=M

Step 2: Ratio of actual investment


As you ca see in the last column of ^that table.
Jeet : Singh : Mehta =36:18:M

Step 3: Componendo for Mehta’s share


=M / (36+18+M)
=M/(54+M)th part of Total profit (Rs.28,000)
But it is given: Mehta was paid Rs. 1000 out of total profit.
FORMULA USED
28M=1M+54
28M-1M=54
27M=54
M=54/27
M=2 months.
It means Mehta stayed in the business for 2 Months.
It means he joined the gang 10 months after Jeet had started the business (10+2=12months

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