Partnership

Q. Bhanu and Partap are partners sharings profits equally. Their fixed capitals as on 1st April, 2017 are $Rs.8,00,000$ and $Rs.10,00,000$ respectively. Their drawings during the year were $Rs.50,000$ and $Rs.1,00,000$ respectively. Interest on Capital is a charge and is to be allowed @ 10% p.a. and interest on drawings is be charged @ 15% p.a. Profit for the year ended 31st March, 2018 was $Rs.1,20,000$.
Prepare Profit and Loss Appropriation Account.

Q.

Fill in the blanks to make the statement true:

A fruit seller purchased 20 kg of apples at $₹50$ per kg. Out of these, $5\%$ of the apples were found to be rotten.

If he sells the remaining apples at $₹60$ per kg, then his _________is _________$\%$.

Q.

A farmer bought a buffalo for $₹44000$ and a cow for $₹18000$. He sold the buffalo at a loss of $5\%$ but made a profit of $10\%$ on the cow. The net result of the transaction is

1. loss of $₹200$

2. profit of $₹400$

3. loss of $₹400$

4. profit of $₹200$

Q.

Question 122

A tea merchant blends two varieties of tea in the ratio of 5 : 4. The cost of first variety is ₹ 200 per kg and that of second variety is ₹ 300 per kg. If he sells the blended tea at the rate of 275 per kg, then find out the percentage of his profit or loss.

Q. In a partnership business, profit is inversely proportional to the amount invested.

1. True
2. False

Q.

A man has some shares of Rs. 100 par value paying 6% dividend. He sells half of these at a discount of 10% and invests the proceeds in 7% Rs. 50 share at premium of Rs. 10. This transaction decreases his income from dividends by Rs. 120 . Calculate :
(i) the number of shares before the transaction.
(ii) the number of shares he sold.
(iii) his initial annual income from shares.

Q.

Fill in the blanks to make the statement true: Aahuti purchased a house for $₹50,59,700$ and spent $₹40300$ on its repairs.

To make a profit of $5\%$, she should sell the house for ₹ ________

Q.

If in a partnership business, the capitals of different partners invested are different for different periods of time, then the profit and loss is distributed amongst the partners according to the capitals invested by them, considering the period of time for which their capitals were invested.

1. True

2. False

Q.

Rahul sold an article for Rs 56 which cost him Rs $x$. He finds that he gained $x\%$ on his outlay. Find $x$.

Q. Abdul, Sejal and Soham each gave Sayali 30 rupees, 70 rupees and 50 rupees respectively. Sayali put in 150 rupees and bought paper, colours, etc. Together they made greeting cards and sold them all. If they made a total profit of 420 rupees, what was each one’s share in the profit?

Q. $A$ and $B$ are partners in a firm sharing profits equally. They had advanced to the firm a sum of Rs. 30, 000 as a loan in their profit-sharing ratio on 1st October, 2017. The Partnership Deed is silent on the question of interest on the loan from partners. Compute the interest payable by the firm to the partners, assuming the firm closes its books on 31st March each year.

Q. A and B started a business and invested for the same period of time. If the ratio of their investment is 2 : 3, then, their profit distribution would also in the ratio of ?

1. 3 : 2
2. 2 : 3
3. 2 : 5
4. 5 : 3

Q.

Fill in the blanks to make the statement true: If $20$ lemons are bought for $₹10$ and sold at $5$ for three rupees, then ________ in the transaction is _______ $\%$.

Q.

The ratio of Ankurs money to Romas money is $9:11$. If Ankur has $₹540$, then how much money does Roma have?

Q.

Razia buys 200 shares, each of par value Rs. 10 of a company which pays annual dividend of 15% at such a price that she gets 12% on her investment. Find the market value of a share.

Q. Monika, Nikita and Rohan invested Rs 50, Rs 20 and Rs 60 respectively in a business and earned a profit of Rs 40. What was the ratio in which they shared the profit?

1. 5 : 2 : 3
2. 5 : 2 : 6
3. 5 : 3 : 6
4. 6 : 5 : 4

Q. If Ram and Shyam invested Rs 5000 and Rs 7500 respectively and made a profit of 25 %, how much from the profit would Shyam receive as profit?

1. 
   Rs 1500
2. 
   Rs 1875
3. 
   Rs 2500
4. 
   Rs 2000

Q.

A cycle is available for Rs. 1, 712 inclusive of GST at the rate of 7%. Find its list price. If the GST is increased to 28%, how much more does the customer pay for the cycle.

Q.

P and Q started a business and invested for the same period of time. If the ratio of their investment is 4 : 5, then, their profit distribution would also in the ratio of ?

1. Yes

2. No

3. Insufficient Data

4. Ratio is the same for A but nor for B

Q. A and B set up some capital each for a company. A set up ₹ 5000 but we do not know how much B put up as capital. It is known that the profits were shared in the ratio 1:4 . What was the total capital set up by both A and B?

1. ₹ 15000
2. ₹ 20000
3. ₹ 30000
4. ₹ 25000

Q. A t-shirt is manufactured in $\$x$ and sold to a wholesaler at $20\%$ profit. The wholesaler sells the same t-shirt to a retailer at $20\%$ profit which is the selling price of $“\$y”$. Find the relation between $x$ and $y$ .

1. $y=1.4x$
2. $y=1.44x$
3. $y=1.5x$
4. $y=0.4x$

Q. $X,Y$ and $Z$ are partners sharing profits and losses equally. As per Partnership Deed, $Z$ is entitled to a commission of 10% on the net profit after charging such commission. The net profit before charging commission is Rs. 2, 20, 000. Determine the amount of commission payable to Z.

Q.

Ragini went to watch a 4D animated short movie in a mall. There were 7 different animated movies playing on the screen. She paid Rs. 150 for one show of a movie. In Rs. 800 how many different animated movies she can see (assume she spent money only on movie tickets)?

1. 4

2. 5

3. 6

4. 7

Q.

Rohit works in an office and gets a salary of $Rs.12500$ per month . He saves $Rs.2500$ per month from his salary . Find the ratio of his expenditure to his savings.

Q.

The capital invested by 3 people A, B and C are in the ratio of 1 : 2 : 3 and profit earned by A is ₹50 less than that earned by B. Calculate the total profit in the business.

1. Rs. 300

2. Rs. 200

3. Rs. 100

4. Rs. 600

Q.

The capital invested by A is triple the capital invested by B. The capital invested by B is four times the capital invested by C. If the investment period is same for all A, B and C, then the ratio of their profit split is ______.

1. 12 : 4 : 1

2. 1 : 4 : 12

3. 4 : 1 : 12

4. 11 : 12 : 5

Q. Mohan, Shyam and Rohan invested Rs 50, Rs 20 and Rs 30 respectively in a business and earned a profit of Rs 40. How much did each of them receive as profit?

1. Mohan's share = Rs 20
   Shyam's share = Rs 12
   Rohan's share = Rs 8
2. Mohan's share = Rs 20
   Shyam's share = Rs 14
   Rohan's share = Rs 6
3. Mohan's share = Rs 20
   Shyam's share = Rs 18
   Rohan's share = Rs 12
4. Mohan's share = Rs 20
   Shyam's share = Rs 8
   Rohan's share = Rs 12

Q.

Koushal, Abhilash and Nikhila jointly started a business. Koushal invested $\frac{1}{4}th$ of the total capital. Abhilash invested $\frac{1}{4}th$ of the total capital. Nikhila invested the remaining part of the capital. If the total profit is ₹ 2400 at the end of the year, find the profit earned by each of them .

1. Koushal's Profit is Rs. 600
   Abhilash's Profit is Rs. 600
   Nikhila's Profit is Rs. 1200

2. Koushal's Profit is Rs. 700
   Abhilash's Profit is Rs. 600
   Nikhila's Profit is Rs. 1200

3. Koushal's Profit is Rs. 600
   Abhilash's Profit is Rs. 800
   Nikhila's Profit is Rs. 1300

4. Koushal's Profit is Rs. 500
   Abhilash's Profit is Rs. 600
   Nikhila's Profit is Rs. 700

Q. If A , B and C put in capital in the ratio 2:3:4 respectively, then how much profit would A and B get if the total profit is ₹ 9000?

1. A gets ₹ 2000
2. A gets ₹ 3000
3. B gets ₹ 2000
4. B gets ₹ 3000

Q.

Nabin and Sandip started a business by investing Rs. 9000 and Rs. 12000 respectively. After a year, they make a profit of Rs. 1400. Then, Nabin will get a profit of ________.

1. Rs. 700

2. Rs. 600

3. Rs. 300

4. Rs. 890