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. A and B invest in a business in the ratio 3:2. If A's share of profit is $600, what is B's share?
A.
$400
B.
$300
C.
$500
D.
$600
Show solution
Solution
If A's share is $600 and the ratio is 3:2, then B's share is (2/3) * 600 = $400.
Correct Answer:
A
— $400
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Q. A and B invest in a business in the ratio 3:2. If the total profit is $5000, how much does B receive?
A.
$2000
B.
$2500
C.
$3000
D.
$1500
Show solution
Solution
Total parts = 3 + 2 = 5. B's share = (2/5) * 5000 = $2000.
Correct Answer:
A
— $2000
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Q. A and B invest in a business in the ratio of 3:2. If the total profit is $5000, how much does B receive?
A.
$2000
B.
$3000
C.
$2500
D.
$1500
Show solution
Solution
Total parts = 3 + 2 = 5. B's share = (2/5) * 5000 = $2000.
Correct Answer:
A
— $2000
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Q. A and B invest in a business in the ratio of 3:4. If the total profit is $70,000, how much does A receive?
A.
$30,000
B.
$28,000
C.
$32,000
D.
$35,000
Show solution
Solution
Total parts = 3 + 4 = 7. A's share = (3/7) * 70000 = $30,000.
Correct Answer:
A
— $30,000
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Q. A and B invest in a business in the ratio of 4:5. If A's investment is $16,000, what is B's investment?
A.
$20,000
B.
$18,000
C.
$22,000
D.
$24,000
Show solution
Solution
If A's investment is 4 parts, then B's investment = (5/4) * 16000 = $20,000.
Correct Answer:
A
— $20,000
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Q. A and B invest in a business with A investing $10,000 and B investing $15,000. If they make a profit of $25,000, how much does A receive?
A.
$10,000
B.
$12,500
C.
$8,333
D.
$6,250
Show solution
Solution
A's share = (A's investment / Total investment) * Total profit = (10000 / 25000) * 25000 = $10,000.
Correct Answer:
B
— $12,500
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Q. A and B invest in a business with A investing $12,000 and B investing $18,000. If they make a profit of $30,000, how much does A get?
A.
$12,000
B.
$15,000
C.
$18,000
D.
$20,000
Show solution
Solution
A's share = (12000 / (12000 + 18000)) * 30000 = (12000 / 30000) * 30000 = $12,000.
Correct Answer:
B
— $15,000
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Q. A and B invest in a business with A investing $25,000 and B investing $35,000. If the total profit is $60,000, what is A's share?
A.
$25,000
B.
$30,000
C.
$35,000
D.
$40,000
Show solution
Solution
A's share = (A's investment / Total investment) * Total profit = (25000 / 60000) * 60000 = $25,000.
Correct Answer:
B
— $30,000
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Q. A and B invest in a business with A investing $30,000 and B investing $50,000. If they make a profit of $40,000, how much will B receive?
A.
$20,000
B.
$25,000
C.
$30,000
D.
$15,000
Show solution
Solution
Total investment = 30000 + 50000 = 80000. B's share = (50000/80000) * 40000 = $25,000.
Correct Answer:
B
— $25,000
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Q. A and B invest in a business with A investing $40,000 and B investing $60,000. If the total profit is $200,000, what is B's share?
A.
$80,000
B.
$100,000
C.
$120,000
D.
$140,000
Show solution
Solution
B's share = (B's investment / Total investment) * Total profit = (60000 / 100000) * 200000 = $120,000.
Correct Answer:
B
— $100,000
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Q. A and B invest in a business with A investing $8,000 and B investing $12,000. If they make a profit of $40,000, how much does B receive?
A.
$16,000
B.
$24,000
C.
$20,000
D.
$12,000
Show solution
Solution
B's share = (B's investment / Total investment) * Total profit = (12000 / 20000) * 40000 = $24,000.
Correct Answer:
B
— $24,000
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Q. A and B invest in a business with investments of $15,000 and $25,000 respectively. If they make a profit of $40,000, how much will B receive?
A.
$25,000
B.
$30,000
C.
$15,000
D.
$20,000
Show solution
Solution
Total investment = 15,000 + 25,000 = 40,000. B's share = (25,000/40,000) * 40,000 = $25,000.
Correct Answer:
B
— $30,000
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Q. A and B start a business with investments of $12,000 and $18,000 respectively. If they make a profit of $30,000, how much will A receive?
A.
$12,000
B.
$10,000
C.
$8,000
D.
$15,000
Show solution
Solution
Total investment = 12,000 + 18,000 = 30,000. A's share = (12,000/30,000) * 30,000 = $12,000.
Correct Answer:
B
— $10,000
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Q. A and B start a business with investments of $25,000 and $35,000 respectively. If they make a profit of $60,000, how much will A receive?
A.
$25,000
B.
$30,000
C.
$35,000
D.
$15,000
Show solution
Solution
Total investment = 25000 + 35000 = 60000. A's share = (25000 / 60000) * 60000 = $25,000.
Correct Answer:
B
— $30,000
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Q. A and B start a business with investments of $25,000 and $35,000 respectively. If they make a profit of $12,000, how much will A receive?
A.
$5,000
B.
$6,000
C.
$7,000
D.
$8,000
Show solution
Solution
Total investment = 25000 + 35000 = 60000. A's share = (25000/60000) * 12000 = $5,000.
Correct Answer:
B
— $6,000
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Q. A and B start a business with investments of $30,000 and $45,000 respectively. If they make a profit of $90,000, how much does A receive?
A.
$30,000
B.
$36,000
C.
$40,000
D.
$45,000
Show solution
Solution
A's share = (A's investment / Total investment) * Total profit = (30000 / 75000) * 90000 = $36,000.
Correct Answer:
B
— $36,000
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Q. A, B, and C invest in a business in the ratio 1:2:3. If the total profit is $120,000, how much does C receive?
A.
$30,000
B.
$40,000
C.
$50,000
D.
$60,000
Show solution
Solution
Total parts = 1 + 2 + 3 = 6. C's share = (3/6) * 120000 = $60,000.
Correct Answer:
D
— $60,000
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Q. A, B, and C invest in a business in the ratio 4:5:6. If the total profit is $1500, how much does B receive?
A.
$500
B.
$600
C.
$700
D.
$800
Show solution
Solution
Total parts = 4 + 5 + 6 = 15. B's share = (5/15) * 1500 = $500.
Correct Answer:
B
— $600
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Q. A, B, and C invest in a business in the ratio 4:5:6. If the total profit is $150,000, how much does B receive?
A.
$50,000
B.
$60,000
C.
$70,000
D.
$80,000
Show solution
Solution
Total parts = 4 + 5 + 6 = 15. B's share = (5/15) * 150000 = $50,000.
Correct Answer:
B
— $60,000
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Q. A, B, and C invest in a business in the ratio of 1:1:2. If the total profit is $80,000, how much does A receive?
A.
$10,000
B.
$20,000
C.
$30,000
D.
$40,000
Show solution
Solution
A's share = (A's ratio / Total ratio) * Total profit = (1 / 4) * 80000 = $20,000.
Correct Answer:
B
— $20,000
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Q. A, B, and C invest in a business in the ratio of 1:2:3. If the total profit is $6000, how much does B receive?
A.
$1000
B.
$2000
C.
$3000
D.
$4000
Show solution
Solution
Total parts = 1 + 2 + 3 = 6. B's share = (2/6) * 6000 = $2000.
Correct Answer:
B
— $2000
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Q. A, B, and C invest in a business in the ratio of 1:2:3. If the total profit is $120,000, how much does B receive?
A.
$20,000
B.
$30,000
C.
$40,000
D.
$50,000
Show solution
Solution
Total parts = 1 + 2 + 3 = 6. B's share = (2/6) * 120000 = $40,000.
Correct Answer:
C
— $40,000
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Q. A, B, and C invest in a business in the ratio of 2:3:5. If the total profit is $100,000, how much does C receive?
A.
$50,000
B.
$40,000
C.
$30,000
D.
$20,000
Show solution
Solution
Total parts = 2 + 3 + 5 = 10. C's share = (5/10) * 100000 = $50,000.
Correct Answer:
A
— $50,000
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Q. A, B, and C invest in a business in the ratio of 2:3:5. If the total profit is $100,000, how much does B receive?
A.
$20,000
B.
$30,000
C.
$40,000
D.
$50,000
Show solution
Solution
B's share = (B's ratio / Total ratio) * Total profit = (3 / 10) * 100000 = $30,000.
Correct Answer:
B
— $30,000
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Q. A, B, and C invest in a business in the ratio of 3:4:5. If the total profit is $24,000, how much does C receive?
A.
$8,000
B.
$10,000
C.
$12,000
D.
$14,000
Show solution
Solution
Total parts = 3 + 4 + 5 = 12. C's share = (5/12) * 24000 = $10,000.
Correct Answer:
C
— $12,000
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Q. A, B, and C invest in a business in the ratio of 3:4:5. If the total profit is $240,000, how much does C receive?
A.
$80,000
B.
$100,000
C.
$120,000
D.
$60,000
Show solution
Solution
Total parts = 3 + 4 + 5 = 12. C's share = (5/12) * 240000 = $100,000.
Correct Answer:
B
— $100,000
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Q. A, B, and C invest in a business with A investing $10,000, B $20,000, and C $30,000. If the total profit is $90,000, what is B's share?
A.
$30,000
B.
$20,000
C.
$15,000
D.
$25,000
Show solution
Solution
B's share = (B's investment / Total investment) * Total profit = (20000 / 60000) * 90000 = $30,000.
Correct Answer:
A
— $30,000
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Q. A, B, and C invest in a business with A investing $5,000, B $10,000, and C $15,000. If the total profit is $60,000, what is A's share?
A.
$10,000
B.
$15,000
C.
$5,000
D.
$20,000
Show solution
Solution
A's share = (A's investment / Total investment) * Total profit = (5000 / 30000) * 60000 = $10,000.
Correct Answer:
C
— $5,000
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Q. A, B, and C invest in a business with investments of $5,000, $10,000, and $15,000 respectively. If the total profit is $60,000, how much does C receive?
A.
$20,000
B.
$25,000
C.
$30,000
D.
$15,000
Show solution
Solution
Total investment = 5,000 + 10,000 + 15,000 = 30,000. C's share = (15,000/30,000) * 60,000 = $30,000.
Correct Answer:
C
— $30,000
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Q. C and D invest in a business with C investing $15,000 and D investing $25,000. If the total profit is $40,000, what is D's share?
A.
$15,000
B.
$25,000
C.
$20,000
D.
$30,000
Show solution
Solution
Total investment = 15000 + 25000 = 40000. D's share = (25000/40000) * 40000 = $25,000.
Correct Answer:
D
— $30,000
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