Select the correct answerRavi and Nikhil started a business investing 48,000 and 64,000 respectively, but Nikhil left the business after 2 months. Find the difference between the share of profits of Ravi and Nikhil, if the total profit at the end of the year was 12,100?Options8,4004,2007,7006,300
Question
Select the correct answerRavi and Nikhil started a business investing 48,000 and 64,000 respectively, but Nikhil left the business after 2 months. Find the difference between the share of profits of Ravi and Nikhil, if the total profit at the end of the year was 12,100?Options8,4004,2007,7006,300
Solution
To find the difference between the share of profits of Ravi and Nikhil, we need to calculate their individual shares first.
Let's start by calculating the share of Ravi. Ravi invested 48,000 for the entire year, so his share of the profit will be based on this amount.
Next, let's calculate the share of Nikhil. Nikhil invested 64,000 initially, but he left the business after 2 months. Therefore, his share of the profit will be based on the time he was involved in the business.
To calculate Nikhil's share, we need to determine the ratio of the time he was involved compared to the entire year. Since there are 12 months in a year, Nikhil was involved for 2 months. So, his share will be calculated as (2/12) of his initial investment.
Now, let's calculate the individual shares: Ravi's share = Total profit * (Ravi's investment / Total investment) Nikhil's share = Total profit * (Nikhil's investment / Total investment)
Given that the total profit at the end of the year was 12,100, Ravi's share can be calculated as: Ravi's share = 12,100 * (48,000 / (48,000 + 64,000))
Nikhil's share can be calculated as: Nikhil's share = 12,100 * ((64,000 * 2/12) / (48,000 + 64,000))
Finally, to find the difference between their shares, we subtract Nikhil's share from Ravi's share: Difference = Ravi's share - Nikhil's share
Now, let's calculate the values to find the correct answer.
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