Question

M and N are partners in a firm of which is a sleeping partner and N is a working partner. M invests Rs. 180000 and N invests Rs. 90000. N receives 14.5% of profit for managing business and the rest is shared between both in ratio of their investments. M’s share in the profit of Rs 24000 is?

Answer 1

Hint: Here we are given two different person business’s partnership. So first we will find out the profit received by N as a working partner. After that we will find the balance in profit. Then we will find the ratio of investment of M and N respectively. Then we will find the share in profit of M. This will be the solution to our given question.

Complete step-by-step answer:
Here we are given that M and N are partners and they N is working partner whereas M is the sleeping partner.
M invests Rs. 1,80,000 and N invests Rs. 90,000. N receives 14.5% of profit for managing the business.
The profit they earned is Rs 24000
Here the investment of of N,
 $ {I_N} = 1,80,000 $
And share is about 14.5% of 24000/-
So , let’s find 14.5% of 24000/-
Using the percentage formula we get,
 $ \Rightarrow 14.5 \times \dfrac{{24000}}{{100}} = 14.5 \times 240 = 3480 $
Now let’s find the remaining amount from the total profit which is equal to Rs. 24000
So, we get $ 24000 - 3480 = 20520 $
Now let’s analyse the ratio of their investment.
Which is equal to $ 180000:90000 = 2:1 $
So if the total share will be 3 units
Then 2 units will be for M and 1 unit will be for N
So here out of remaining balance in profit that is out of Rs. $ 20520 $ let’s find the share of M in profit
Which is equal to
\[\Rightarrow \dfrac{2}{3} \times 20520 = \dfrac{{41040}}{3} = 13680\]
Hence from this we have that the share that M takes from the total profit earned is about Rs. \[13680\]
So, the correct answer is “Rs. \[13680\]”.

Note: Another method to find is to calculate N’s share and then subtract the amount from the total share.
The profit N ears is 1 unit out of the 3 units so,
N’s share is $ \dfrac{1}{3} \times 20520 = 6840 $
Now, M’s share will be, $ 20520 - 6840 = 13680 $
 Which is the same as the answer we obtained here.