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Partnership Business

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Partnership Business

Partnership Business
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Multiple Choice Questions (MCQ)

  1. In a simple partnership, profit is divided based on:
    A. Time only
    B. Capital only
    C. Capital × Time
    D. Capital ratio, if time is same
     Answer: D. Capital ratio, if time is same
  2. A invests ₹6,000 for 10 months, and B invests ₹8,000 for 6 months. What is the ratio of their profits?
     A. 4:5
     B. 5:4
     C. 3:4
     D. 2:3
     Answer: B. 5:4
     (Effective investments: A = 60,000, B = 48,000 ⇒ Ratio = 5:4)
  3. If total profit is ₹40,000 and the effective investments of A and B are in the ratio 3:5, how much profit does A get?
     A. ₹20,000
     B. ₹15,000
     C. ₹24,000
     D. ₹12,000
     Answer: B. ₹15,000
     (A’s share = 3/8 × 40,000 = ₹15,000)
  4. What is the effective investment of a partner who invests ₹10,000 for 12 months?
     A. ₹1,20,000
     B. ₹12,000
     C. ₹10,000
     D. ₹1,00,000
     Answer: A. ₹1,20,000
     (10,000 × 12 = 1,20,000)
  5. Which formula is used to calculate an individual partner’s share of profit?
     A. Profit × Time ÷ Capital
     B. Total Profit ÷ Number of Partners
     C. (Capital × Time) of that partner ÷ Total (Capital × Time) × Total Profit
     D. Capital ÷ Time
     Answer: C. (Capital × Time) of that partner ÷ Total (Capital × Time) × Total Profit

Short Answer Questions (SAQ)

  1. Define a partnership business.
     Answer: A partnership business is a business where two or more individuals invest capital and share profits or losses based on their capital and duration of investment.
  2. What is the formula for effective investment?
     Answer: Effective Investment = Capital × Time
  3. A and B invest for the same duration. A invests ₹5,000 and B invests ₹10,000. What is their profit sharing ratio?
     Answer: Capital ratio = 5,000 : 10,000 = 1:2

Long Answer Questions (LAQ)

1.A invests ₹8,000 for 12 months and B invests ₹10,000 for 9 months in a business.
a) Find the effective investment of each partner
b) Find the ratio of profit sharing
c) If total profit is ₹27,000, find each partner’s share.

Answer: a) A = 8,000 × 12 = 96,000
 B = 10,000 × 9 = 90,000

b) Ratio = 96,000 : 90,000 = 16:15

c) Total parts = 16 + 15 = 31
 A’s share = (16/31) × 27,000 = ₹13,935
 B’s share = (15/31) × 27,000 = ₹13,065

2.A and B started a business. After 4 months, C joined the partnership with an investment of ₹9,000. A and B invested ₹12,000 and ₹15,000 respectively from the beginning. If the total profit at the end of the year is ₹40,000, find each partner’s share.

Answer:
 A’s investment = ₹12,000 for 12 months = 1,44,000
 B’s investment = ₹15,000 for 12 months = 1,80,000
 C’s investment = ₹9,000 for 8 months = 72,000
 Total = 1,44,000 + 1,80,000 + 72,000 = 3,96,000

Ratio = A : B : C = 1,44,000 : 1,80,000 : 72,000 = 4:5:2

Total parts = 4 + 5 + 2 = 11
 A’s share = (4/11) × 40,000 = ₹14,545.45 ≈ ₹14,545
 B’s share = (5/11) × 40,000 = ₹18,181.82 ≈ ₹18,182
 C’s share = (2/11) × 40,000 = ₹7,272.73 ≈ ₹7,273

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