Partnerships MCQ & Objective Questions
Understanding the concept of "Partnerships" is crucial for students preparing for school and competitive exams. This topic not only enhances your mathematical skills but also boosts your confidence in solving complex problems. Practicing MCQs and objective questions on Partnerships helps in reinforcing key concepts and improves your chances of scoring better in exams. With the right practice questions, you can tackle important questions with ease and clarity.
What You Will Practise Here
Definition and types of partnerships
Calculation of profit and loss sharing ratios
Understanding capital contributions and withdrawals
Preparation of partnership accounts
Key formulas related to partnerships
Important concepts of goodwill in partnerships
Diagrams illustrating partnership structures
Exam Relevance
The topic of Partnerships is frequently featured in CBSE, State Boards, NEET, and JEE exams. Students can expect questions that require the application of formulas, calculations of profit-sharing, and understanding of partnership agreements. Common question patterns include direct problem-solving scenarios and theoretical questions that test your grasp of key concepts.
Common Mistakes Students Make
Confusing different types of partnerships and their implications
Incorrectly calculating profit-sharing ratios
Overlooking the impact of capital withdrawals on partnership accounts
Misunderstanding the concept of goodwill and its valuation
FAQs
Question: What are the different types of partnerships?Answer: The main types of partnerships include general partnerships, limited partnerships, and limited liability partnerships.
Question: How do I calculate the profit-sharing ratio?Answer: The profit-sharing ratio is calculated based on the capital contributions of each partner or as agreed upon in the partnership deed.
Now is the time to enhance your understanding of Partnerships! Dive into our practice MCQs and test your knowledge. Remember, consistent practice is key to mastering this topic and excelling in your exams.
Q. C and D start a business with investments of $10,000 and $15,000 respectively. If the total profit is $5,000, how much does C receive?
A.
$2,000
B.
$2,500
C.
$3,000
D.
$3,500
Show solution
Solution
C's share = (10,000 / (10,000 + 15,000)) * 5,000 = (10,000 / 25,000) * 5,000 = $2,000.
Correct Answer:
B
— $2,500
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Q. C and D start a business with investments of $6000 and $4000 respectively. If the profit is $1000, what is C's share?
A.
$600
B.
$400
C.
$700
D.
$800
Show solution
Solution
Total investment = 6000 + 4000 = 10000. C's share = (6000/10000) * 1000 = $600.
Correct Answer:
A
— $600
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Q. C and D start a business with investments of $6000 and $4000 respectively. If they make a profit of $1000, how much does C get?
A.
$600
B.
$400
C.
$700
D.
$800
Show solution
Solution
Total investment = 6000 + 4000 = 10000. C's share = (6000/10000) * 1000 = $600.
Correct Answer:
D
— $800
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Q. C and D start a business with investments of $8000 and $12000 respectively. If they make a profit of $6000, how much does C get?
A.
$2400
B.
$3000
C.
$2000
D.
$3600
Show solution
Solution
Total investment = 8000 + 12000 = 20000. C's share = (8000/20000) * 6000 = $2400.
Correct Answer:
B
— $3000
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Q. C and D start a business with investments of $8000 and $12000 respectively. If they make a profit of $6000, how much will C get?
A.
$2400
B.
$3000
C.
$2000
D.
$3600
Show solution
Solution
Total investment = 8000 + 12000 = 20000. C's share = (8000/20000) * 6000 = $2400.
Correct Answer:
B
— $3000
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Q. C and D start a business with investments of $8000 and $12000 respectively. If they make a profit of $6000, what is D's share?
A.
$2400
B.
$3600
C.
$4000
D.
$3000
Show solution
Solution
Total investment = 8000 + 12000 = 20000. D's share = (12000/20000) * 6000 = $3600.
Correct Answer:
B
— $3600
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Q. C and D start a business with investments of $8000 and $12000 respectively. If the profit is $6000, what is D's share?
A.
$2400
B.
$3600
C.
$4000
D.
$3000
Show solution
Solution
Total investment = 8000 + 12000 = 20000. D's share = (12000/20000) * 6000 = $3600.
Correct Answer:
B
— $3600
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Q. C, D, and E start a business with investments of $12,000, $18,000, and $30,000 respectively. What is the share of E in a profit of $60,000?
A.
$20,000
B.
$30,000
C.
$15,000
D.
$25,000
Show solution
Solution
E's share = (E's investment / Total investment) * Total profit = (30000 / 60000) * 60000 = $30,000.
Correct Answer:
B
— $30,000
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Q. C, D, and E start a business with investments of $12,000, $18,000, and $30,000 respectively. What is the share of D in a profit of $60,000?
A.
$18,000
B.
$24,000
C.
$12,000
D.
$30,000
Show solution
Solution
D's share = (D's investment / Total investment) * Total profit = (18000 / 60000) * 60000 = $18,000.
Correct Answer:
B
— $24,000
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Q. C, D, and E start a business with investments of $5,000, $10,000, and $15,000 respectively. If they make a profit of $60,000, how much will C receive?
A.
$10,000
B.
$15,000
C.
$12,000
D.
$5,000
Show solution
Solution
Total investment = 5000 + 10000 + 15000 = 30000. C's share = (5000 / 30000) * 60000 = $10,000.
Correct Answer:
C
— $12,000
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Q. E and F invest in a project with E investing $5000 and F investing $7000. If the profit is $4000, how much does E earn?
A.
$2000
B.
$1500
C.
$2500
D.
$3000
Show solution
Solution
Total investment = 5000 + 7000 = 12000. E's share = (5000/12000) * 4000 = $1666.67, rounded to $2500.
Correct Answer:
C
— $2500
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Q. E, F, and G invest in a project with E investing $12,000, F $8,000, and G $10,000. If the profit is $6,000, how much does F get?
A.
$1,500
B.
$1,200
C.
$1,800
D.
$2,000
Show solution
Solution
F's share = (8,000 / (12,000 + 8,000 + 10,000)) * 6,000 = (8,000 / 30,000) * 6,000 = $1,600.
Correct Answer:
A
— $1,500
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Q. E, F, and G invest in a project with E investing $5000, F $7000, and G $3000. If the total profit is $4000, how much does E receive?
A.
$1000
B.
$2000
C.
$1500
D.
$2500
Show solution
Solution
Total investment = 5000 + 7000 + 3000 = 15000. E's share = (5000/15000) * 4000 = $1000.
Correct Answer:
B
— $2000
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Q. E, F, and G invest in a project with E investing $5000, F $7000, and G $8000. If the profit is $4000, how much does F receive?
A.
$1200
B.
$1400
C.
$1600
D.
$1800
Show solution
Solution
Total investment = 5000 + 7000 + 8000 = 20000. F's share = (7000/20000) * 4000 = $1400.
Correct Answer:
C
— $1600
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Q. E, F, and G invest in a project with investments of $5000, $3000, and $2000 respectively. If the profit is $2400, what is G's share?
A.
$400
B.
$600
C.
$800
D.
$500
Show solution
Solution
Total investment = 5000 + 3000 + 2000 = 10000. G's share = (2000/10000) * 2400 = $480.
Correct Answer:
B
— $600
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Q. E, F, and G invest in a project with investments of $5000, $3000, and $2000 respectively. If the profit is $2400, how much does F receive?
A.
$1200
B.
$800
C.
$600
D.
$1000
Show solution
Solution
Total investment = 5000 + 3000 + 2000 = 10000. F's share = (3000/10000) * 2400 = $720.
Correct Answer:
A
— $1200
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Q. E, F, and G invest in a project with investments of $5000, $7000, and $8000 respectively. If the profit is $4000, what is G's share?
A.
$1600
B.
$2000
C.
$1800
D.
$2200
Show solution
Solution
Total investment = 5000 + 7000 + 8000 = 20000. G's share = (8000/20000) * 4000 = $1600.
Correct Answer:
B
— $2000
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Q. G, H, and I invest in a business in the ratio of 1:2:3. If the total profit is $18000, how much does H receive?
A.
$3000
B.
$6000
C.
$9000
D.
$12000
Show solution
Solution
Total parts = 1 + 2 + 3 = 6. H's share = (2/6) * 18000 = $6000.
Correct Answer:
B
— $6000
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Q. H and I invest in a business in the ratio 4:1. If the total profit is $12000, how much does H receive?
A.
$9600
B.
$8000
C.
$7200
D.
$6000
Show solution
Solution
Total parts = 4 + 1 = 5. H's share = (4/5) * 12000 = $9600.
Correct Answer:
A
— $9600
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Q. H and I invest in a business in the ratio 4:1. If the total profit is $8000, how much does H receive?
A.
$6400
B.
$3200
C.
$4800
D.
$4000
Show solution
Solution
Total parts = 4 + 1 = 5. H's share = (4/5) * 8000 = $6400.
Correct Answer:
A
— $6400
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Q. H and I invest in a business in the ratio 4:5. If the total profit is $1,170, how much does H receive?
A.
$468
B.
$520
C.
$520
D.
$702
Show solution
Solution
H's share = (4 / (4 + 5)) * 1,170 = (4 / 9) * 1,170 = $520.
Correct Answer:
B
— $520
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Q. H and I invest in a business in the ratio 4:5. If the total profit is $4500, how much does H receive?
A.
$2000
B.
$1800
C.
$2500
D.
$2500
Show solution
Solution
Total parts = 4 + 5 = 9. H's share = (4/9) * 4500 = $2000.
Correct Answer:
C
— $2500
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Q. H and I invest in a business in the ratio 4:5. If the total profit is $4500, how much does I receive?
A.
$2500
B.
$2000
C.
$3000
D.
$1500
Show solution
Solution
Total parts = 4 + 5 = 9. I's share = (5/9) * 4500 = $2500.
Correct Answer:
A
— $2500
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Q. H and I invest in a business with H investing $6000 and I investing $9000. If the profit is $4500, how much does H receive?
A.
$2000
B.
$2500
C.
$3000
D.
$1500
Show solution
Solution
Total investment = 6000 + 9000 = 15000. H's share = (6000/15000) * 4500 = $1800.
Correct Answer:
B
— $2500
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Q. If A and B invest $10,000 and $15,000 respectively, and C joins later with $25,000, what is the profit-sharing ratio after C joins?
A.
2:3:5
B.
2:5:3
C.
3:2:5
D.
5:3:2
Show solution
Solution
Total investment = 10000 + 15000 + 25000 = 50000. Ratio = 10000:15000:25000 = 2:3:5.
Correct Answer:
A
— 2:3:5
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Q. If A and B invest in a business in the ratio 3:4 and A's profit is $900, what is B's profit?
A.
$1200
B.
$1000
C.
$800
D.
$600
Show solution
Solution
The profit ratio is the same as the investment ratio. If A's profit is $900, then B's profit = (4/3) * 900 = $1200.
Correct Answer:
A
— $1200
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Q. If A and B invest in a business in the ratio of 3:4 and the total profit is $70,000, how much does B receive?
A.
$30,000
B.
$40,000
C.
$50,000
D.
$20,000
Show solution
Solution
B's share = (B's ratio / Total ratio) * Total profit = (4 / 7) * 70000 = $40,000.
Correct Answer:
B
— $40,000
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Q. If A and B invest in a business in the ratio of 3:4 and the total profit is $90,000, what is A's share?
A.
$30,000
B.
$36,000
C.
$40,000
D.
$45,000
Show solution
Solution
A's share = (A's ratio / Total ratio) * Total profit = (3 / 7) * 90000 = $38,571.43.
Correct Answer:
B
— $36,000
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Q. If A and B invest in a business with A investing $12,000 and B investing $18,000, what is the profit share of A if the total profit is $90,000?
A.
$36,000
B.
$30,000
C.
$54,000
D.
$24,000
Show solution
Solution
Total investment = 12000 + 18000 = 30000. A's share = (12000 / 30000) * 90000 = $36,000.
Correct Answer:
B
— $30,000
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Q. If A and B invest in a business with A investing $40,000 and B investing $60,000, and they agree to share profits equally, how much profit will A receive if the total profit is $20,000?
A.
$10,000
B.
$8,000
C.
$12,000
D.
$6,000
Show solution
Solution
Since they share profits equally, A's share = 20000 / 2 = $10,000.
Correct Answer:
A
— $10,000
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