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Select the correct answerRamu 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?OptionsRs. 16750Rs. 16000Rs. 19750Rs. 11250

Question

Select the correct answerRamu 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?OptionsRs. 16750Rs. 16000Rs. 19750Rs. 11250

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Solution

Step 1: Calculate the total investment ratio of Ramu and Renuka. The ratio is 50000:70000, which simplifies to 5:7.

Step 2: Determine the amount of profit Renuka gets for maintaining the business. This is 10% of the total profit, so 10/100 * 30000 = Rs. 3000.

Step 3: Subtract this amount from the total profit to find the remaining profit to be divided according to the investment ratio. So, 30000 - 3000 = Rs. 27000.

Step 4: Divide this remaining profit according to the investment ratio. The total parts of the ratio are 5 + 7 = 12. Renuka's share is 7 parts of the ratio, so her share of the remaining profit is 7/12 * 27000 = Rs. 15750.

Step 5: Add the amount Renuka gets for maintaining the business to the amount she gets from the remaining profit. So, 3000 + 15750 = Rs. 18750.

Therefore, the total share of Renuka is Rs. 18750. However, this option is not available in the given options. There might be a mistake in the question or the options provided.

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