swerRamu and Renuka enter into a partnership with investment of Rs. 50000 and Rs. 70000 respectively. Renuka gets 10% of the total profit for maintaining the business and the remaining profit is divided in the ratio of their investments. If the total profit at the end of the year is Rs. 30000, find the total share of Renuka?
Question
swerRamu and Renuka enter into a partnership with investment of Rs. 50000 and Rs. 70000 respectively. Renuka gets 10% of the total profit for maintaining the business and the remaining profit is divided in the ratio of their investments. If the total profit at the end of the year is Rs. 30000, find the total share of Renuka?
Solution
Step 1: Calculate the total investment ratio of Ramu and Renuka. The ratio of their investments is 50000:70000, which simplifies to 5:7.
Step 2: Determine the amount of profit Renuka gets for maintaining the business. 10% of the total profit of Rs. 30000 is Rs. 3000.
Step 3: Calculate the remaining profit after Renuka has taken her 10%. The remaining profit is Rs. 30000 - Rs. 3000 = Rs. 27000.
Step 4: Divide the remaining profit in the ratio of their investments. The total parts of the ratio are 5 + 7 = 12. Renuka's share is 7 parts of the ratio, so she gets 7/12 of the remaining profit. This amounts to (7/12) * Rs. 27000 = Rs. 15750.
Step 5: Add the amount Renuka gets for maintaining the business to the amount she gets from the remaining profit. Rs. 3000 + Rs. 15750 = Rs. 18750.
So, the total share of Renuka is Rs. 18750.
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