In SSC exams, there are almost 1-2 questions; those are asked from this section. Now, in this article, we will cover the all tits and bits of Partnership topic including the definition, concepts, formulae and types of questions that are framed. Let us start with it-
Definition: When two or more persons mutually come under an agreement to invest money together for operating a business, then such association is known as ‘Partnership’. Both the involved parties are called “Partners”. There are generally two types of partnership.
- Single Partnership: When all partners invest their money for the same period, then such partnership is known as “Single Partnership”.
- Compound Partnership: Unlike Single partnership, when all parties invest their money for different periods; then this is known as “Compound partnership”.
- Active Partners: The partner who manages the business is known as Active Partner or working partner.
- Sleeping Partner: A partner, who simply invest his money in the business but does not manage it voluntarily is referred as Sleeping partner.
Partnership: Types of problems
There are two distinct cases of problems based on Partnership concept.
Case 1: When the investments made by all the parties for the same period; then you will be asked to find the gain or loss that is distributed amongst them in the ration of investments.
Case 2: When investments are made for different time periods; then capital for each partner will be calculated as –
(Capital x Number of units of time)
How to calculate?
*If x1: x2: x3 is the investment ratios and P1: P2: P3 be the profit ratios. Then, the ratio between time periods will be-
*Suppose, the ratio of profits and ratios of time periods are given; you have to find the ratio of investments. Then, it will be equal to-
*If P1:P2:P3 and t1:t2:t3 are the profit ratios & time periods respectively, then-
1. Aditya started a business with Rs. 10,000 and Vinay joins business 4 months later with an initial investment of Rs. 5,000. After a year, they earn a profit of Rs. 25,000. Find the shares of Aditya and Vinay?
Apply the following formulae,
Aditya’s share : Vinay’s share = (10000*12) : (5000* 8)= 3:1;
So, Aditya’s share = 3x;
Vinay’s share= x;
3x+x= 25,000; => x= 6,250
Hence, Aditya’s share in profit= 6250*3= Rs. 18,750
Vinay’s share in profit= Rs. 6,250
2. X, Y and Z hired a field for Rs. 800 for the whole year. X puts in 50 cows for 2 months, Y 80 cows for 5 months and Z 60 cows and 30 calves for 4 months. How much Z pay, if one cow eats as much as 2 calves?
Ans.:- Apply the following formulae;
X’s share : Y’s Share : Z’s Share= (50*2): (80*5): [(60 +30/2)*4] (As question states that calves eats half of a cattle)
= 100: 400 : 300
=1: 4: 3
Amount paid by Z,
Hence, Z has to pay Rs. 300 for this partnership.
3. Amit, Vivek and Kamal became partners in a business by investing money in the ratio of 5:7:6. Next year, they increased it by 26%, 20% and 15%, respectively. In what ratio earned profit would be distributed in 2nd year?
Ans.:- Let the investment of Amit is 5x; Vivek’s is 7x and Kamal’s is 6x.
Now, there investments in 2nd year would be;
=(126% of 5x): (120% of 7x) : (115% of 6x)
=630 : 840 : 690
=21: 28: 23
Above type of questions are generally asked from this section. If you have gone through these and understood the concept clearly, then we can assume that there will be no question in the exam asked from this topic can remain unanswered.
So, keep on looking for further tips and tricks in question solving at www.jagranjosh.com .
All the best!