Question
Download Solution PDFNihit starts a business with Rs. 700. After 5 months Amit and Patel joined him with Rs. 300 and Rs. 400 respectively. At the end of the year, the business gave a profit of Rs. 627. Find the share of Patel in the profit.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Nihit's investment = Rs. 700
After 5 months,
Amit's investment = Rs. 300
Patel's investment = Rs. 400
Total profit = Rs. 627
Concept used:
Capital earned = Time of investment (in months) × Amount invested
Calculation:
Capital earned by Nihit = 12 × 700 = Rs. 8,400
Capital earned by Amit = 7 × 300 = Rs. 2,100
Capital earned by Patel = 7 × 400 = Rs. 2,800
Ratio of their capitals = 84 : 21 : 28 = 12 : 3 : 4
Total = 12 + 3 + 4 = 19
Patel's profit =
∴ The share of Patel in the profit is Rs. 132.
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