Partnerships in Business

IMPORTANT

Partnerships in Business: Overview

This topic covers concepts, such as, Partnerships in Business, Definition of Partnership, Ratio of Divisions of Gains & Partnerships in Time and Work etc.

Important Questions on Partnerships in Business

EASY
IMPORTANT

A sum of money is to be distributed among A, B, C, D in the proportion of 5 :2 : 4 : 3. What is B's share, if C gets 1000 more than D ?

EASY
IMPORTANT

A, B and C invested ₹ 500 , ₹  630 And ₹  700. If A gets ₹  75 As profit, what will C get ?

EASY
IMPORTANT

A and B enter into partnership. A supplies whole of the capital amounting to Rs. 45,000 with the condition that the profits are to be equally divided and that B pays A interest on half of the capital at 10% per annum but receives Rs. 120 per month for carrying on the concern. Find total yearly profit, when B's income is one half of A's income.

MEDIUM
IMPORTANT

Profit earned by an organisation is distributed among officers and clerks in the ratio of 5:3 respectively. If the number of officers is 45 and the number of clerks is 80 and the amount received by each officer is Rs.25,000/-, what was the total amount of profit earned?

EASY
IMPORTANT

When a partnership is not registered, a partnership firm is _____.

MEDIUM
IMPORTANT

Two friends P and Q started a business investing amount in the ratio of  5 : 6. R joined them after 6 months investing an amount equal to that of Q's amount. At the end of year 20% profit was earned which was equal to 98000. What was the amount invested by R?

HARD
IMPORTANT

X,Y,Z started a partnership business by investing Rs. 5,000 each. After 6 months 'Y' withdrew from the business and 'Z' added Rs. 5,000 to his investment. At the end of the year the total profit earned is Rs. 18,000. Find the share of 'Z' in the profit.

HARD
IMPORTANT

A starts business with a capital of ₹ 1,400. Five months later B joins and further two months later C joins them. What amount of capital is put in by B and C, if at the end of the year their shares of profit are as 4:3:2 ?

EASY
IMPORTANT

In the absence of agreement between the partners, on the death of a partner, his legal representatives are entitled to _____.

EASY
IMPORTANT

Three partners A, B and C shared the profit in a business in the ratio 5:7:8. They had partnered for 14 months, 8 months and 7 months respectively. Find the ratio of their investments.

MEDIUM
IMPORTANT

600 are divided among A, B and C so that40  more than 2th5 of A's share, 20 more than 2th7 of B's share and 10 more than 9th17 of C's share are all equal. A's share is______.

MEDIUM
IMPORTANT

A started a business investing 250000 in year 2008. In year 2009 he invested an additional amount of 100000 and B joined him with an amount of 350000. In year 2010, A invested another additional amount of 100000 and C joined them with an amount of 350000. What will be B's share in the profit of 1500000 earned at the end of three years from the start of the business in 2008?

EASY
IMPORTANT

On which of the following grounds, court may dissolve a firm at the suit of a partner?

EASY
IMPORTANT

“A', 'B' and 'C' enter into a partnership with a capital in which A' contribution is 10000. If out of a profit of 1000. 'A' gets 500 and 'B' gels 300,then the contribution of C to the capital is?

MEDIUM
IMPORTANT

Four Milkmen rented a pasture. A grazed  15 cows for 4 months, B grazed 12 cows for 2 months, C grazed 18 cows for 6 month and D grazed 16 cows for 5 months. If A's share of rent is 1,020. What is C's share of rent?

EASY
IMPORTANT

Choose the correct statement regarding the partners in business.

I. Active partner acts as an agent as he carries daily business on behalf of all partners.

II. Active partner can retire from the firm or business without giving notice.

EASY
IMPORTANT

Choose the incorrect statement regarding partnership in business.

I. There are six types of partners in business.

II. Active partner is one of types of partners in business. It is also known as dormant partners.

EASY
IMPORTANT

Choose the correct statement regarding partnership in business.

I. Sleeping partner is not one of the types of partners in business.

II. Sleeping partner participate in daily functioning of the firm.

EASY
IMPORTANT

In the following question, two statements are given regarding partnership and answer the following question.

I. It is a business where informal agreement is made between two or more partners

II. It involves a formal agreement between two or more partners.

EASY
IMPORTANT

In the following question, two statements are given regarding the partnership and choose the correct statement.

I. In partnership only two partners are involved.

II. The profit is shared equally between partners not workload.