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Free Online Test
image Online Test 1 (Partnership)

Number of questions : 20  |  Time : 30 minutes



Important Notes and Previous Year Questions :

Partnership:

We are providing some useful formulae and hints for Partnership category.  Requesting you to go through the below points before taking any online test.

If more than one person involved in business then partnership will come into picture. It’s like agreement between more than one person to run business. They will invest money and share profits accordingly.

If the partners in a business invest money for same period or same time then it is called simple partnership.

If the partners in a business invest money for different period or different time then it is called compound partnership.

There are two types of partners.

Working Partner: A partner who actively involved in the business is called working partner.

Sleeping Partner: A partner who invests money and doesn’t involve in business activity is called sleeping partner.

In partnership either profit or loss is shared depends on investment they kept in business.

 

Previous year solved Questions:

1. Narasimha and Nithin started a business investing amounts of Rs. 185000 and Rs. 225000 respectively. If Nithin share in the profit earned by them is Rs. 9000, what is the total profit earned by them together?

A) Rs. 17400        B) Rs. 16400        C) Rs. 16800        D) Rs. 17800        E) Rs. None of these

Ans: B

Solution: As per question,

                Ratio of profits = Ratio of investments

=>           Narasimha’s  share = Nithin’s share

=>           185000 : 225000 = 37 : 45

Assume Narasimha’s share = 37X

                Nithin’s share = 45X

As per given data,

                45X = 9000 => X = 200

                Therefore total profit = (37X+45X) = 82X

                => 82 * 200 = 16400

2. Prasad and Muni started a business initially with Rs. 5100 and Rs. 6600 respectively. Investments done by both the persons are for different time periods. If the total profit is Rs. 5460, what is the profit of Prasad?

A) Rs. 1530          B) Rs. 1600          C) Rs. 1400          D) Data Inadequate        E) None of these

Ans: D

Solution: Time is not mentioned in the question. Hence we can’t find the profit. So Data is not sufficient to solve the problem.

3. A starts a business with Rs. 300000 and B joins him after 3 months with Rs. 1200000. Find the ratio of their profits at the end year of the years.

A) 2 : 5                  B) 3 : 5                   C) 5 : 1                   D) 1 : 3                  E) None of theses

Ans: D

Solution: Ratio = (Investment1 * Time1) * (Investment2 * Time2)

=>           (300000 * 12) * (1200000 * 9)

=>           36 : 108 = 1:3