Questions on Partnership – Improve your Arithmetic – Check Rules and Practice Sets
Definition of Partnership –
A partnership is an association of two or more persons in to some business by putting their money together. The Partnership is of two types – ( i) Simple and (ii) Compound
What is Simple Partnership ?
If the capital of the partners are invested for the same period, the partnership is called Simple.
Compound Partnership –
If capital of the partners are invested for different lengths of time, it is called compound partnership.
Q. 1 John, Rudra and Joseph invested capitals in the ration 2:3:5 ; the timing of their investment being in the ratio 4:5:6 .
In what ratio would their profit be distributed ?
Q. 2. Michael, Kinjal and John are partners. Micheal receives 2/5 of the profit and Kinjal and John share the remaining profit equally. M’s income is increased by Rs 220 when the profit rises from 8% to 10%. Find the capitals invested by the trio.
Practice Set on Partnership –
Q. 3. A and B enter into a partnership with the capitals in the ration 5:6 . At the end of 8 months, A withdraws this capital. If they receive profits in the ratio of 5:9, find how long B’s capital was used ?
Q. 4. A and B invested in the ration 3 : 2 in a business. If 5% of the total profit goes to charity and A’s share is Rs 855, find the total profit.
Q. 5. .How can a profit of Rs 450 be divided between two partners, one of whom has contributed Rs 1200 for 5 months and the other Rs 750/- for 4 months ?
Q. 6. John and Tom rent a pasture for 10 months ; and John puts in 90 oxen for 7 months. How many oxen can Tom put in for the remaining 3 months, if he pays half as much as A ?
Q. 7. A and B enter into a partnership with the capitals as 5 :6 ; and at the end of 8 months, A withdraws. If they receive profits in the ratio of 5 :9, find how long B’s capital was used ?
Q. 8. Three partners altogether invested Rs 1,14,000/- in a business. At the end of the year,one got Rs 337.50, the second Rs 1125/- and the third Rs 675/- as profit. How much amount did each invest ? What is the percentage of profit ?
Answers – 1. 8:15:30 2. Michael’s capital – Rs 11000/-, Kinjal’s and John’s Rs 8250/- each 3. For 12 months 4. Rs 1500/- 5.1st partner shall get Rs 300/- and the 2nd will get Rs 150/- 6. 105 oxen 7. 12 months 8. 1.875 %