Business Mathematics MCQ on Partnership

Business Mathematics MCQ on Partnership

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1.Mininum number of Partner required to start a partnership business is

(A) 2

(B) 10

(C) 4

(D) 20

Answer: (A) 2

2.Type of agreement required to form a partnership business is

(A) Written agreement

(B) Oral agreement

(C) Written or oral agreement

(D) None of them

Answer: (C) Written or oral agreement

3. In partnership, partners liabilities are

(A) Unlimited

(B) Limited to the capital of the business

(C) Limited

(D) Both A and C

Answer: (A) Unlimited

4. Is a partnership firm considered as a separate legal entity?

(A) No

(B) Yes

(C) Don’t Know

(d) None of the above

Answer: (A) No

5. What happens when interest on drawings is charged to partner?

(A) Credited to partner’s current a/c

(B) Not shown in current account

(C) Debited to partner’s capital a/c

(D) None of the above

Answer: (C) Debited to partner’s capital a/c

6.The  written agreement of partnership is known as:

(A) Partnership contract

(B) Agreement

(C) Partnership deed

(D) Partnership Act

Answer: (C) Partnership deed

7. How will the Partners share their profit In absence of a partnership agreement?

(A) Unequal

(B) Equally

(C) It will depend on the experience of a partner

(D) It will depend on a partner’s capital

Answer: (B) Equally

8. Which is not a feature of a partnership business?

(A) Ease of formation

(B) Limited liability

(C) Limited life

(D) Mutual agency

Answer: (B) Limited liability

9. In which kind of partnership one partner has unlimited liability and other partner have limited liability?

(A) Partnership-at-will

(B) Limited  liability partnership

(C) General partnership

(D) Particular partnership

Answer: (B) Limited  liability partnership

10. Which types of partnership have no agreement in terms of the duration of partnership?

(A) Partnership-at-will

(B) Limited partnership

(C) General partnership

(D) Particular partnership

Answer: (C) General partnership

11. A and B are partners sharing profit and losses equally, if A gets 5% profit then how many percent B will get:

(a) 5%

(b) 10%

(c) 8%

(d) 12%

Answer (a) 5%

12. M and S are partners sharing profits and losses in the ratio of 3: 2. They admitted R allowing him 1/5th of the total profit. Then the new profit sharing ratio will be?

(a) 12:8:5

(b) 5:4:3

(c) 6:5:4

(d) 2:2:1

Answer (a) 12:8:5

13. X, Y and Z are partners with Capital of 15,000, 10,000 and 5,000 respectively. If the profit earned is 12,000, then what shall be the X’s share in that profit?

(a)  4,000

(b)  6,000

(c) 5,000

(d) None of these

Answer (a)  4,000

14. X and Y are partners agreed to share profit and loss as per capital ratio and started business with a total capital of 1,00,000. If profit earned during the year is ₹ 40,000 and X’s share on the profit is 25,000, find the amount of capital invested by X.

(a) ₹ 52,500

(b)  62,500

(c) 75,000

(d) 60,000

Answer (b)  62,500

15. P, Q and R were partners sharing profits and losses in the ratio of 5: 4:2 respectively. R retires due to ill health. In the absence of any further agreement what shall be new profit sharing ratio.

(a) 5:2

(6) 3:2

(c) 5:4

(d) 3:1

Answer (c) 5:4

16. A and B enter into a partnership with capitals in the ratio of 15: 16. A withdraws from the business after 9th months.  If they received profits in the ratio of 45: 64.  then, B’s capital was used for how many months

(a) 8 months

(b) 10 months

(c) 6 months

(d) 12 months

Answer (d) 12 months

17. C began a business with 8,000. After 2 moths, D joined him with a certain capital. At the end of the year, the profits were divided in the ratio of their effective capital i.e. 3:2. Find how much money was invested by D.

(a)  52,500

(b)  68,000

(c) 75,000

(d) 60,000

Answer (b)  68,000

18. P’ starts a business with 15,000 and is joined afterward by Q with 45,000. At the end of the year the profits are equally divided. When did Q join the business?

(a)After 8 months

(b) after 10 months

(c) after 6 months

(d) After 12 months

Answer (a) After 8 months

19. A and B starts a business. A invests 7,875 and B5,250. B manages the business and gets 20% of the profits and the rest is divided between them proportionally. Find the total profits, if A gets 1,248.

(a) 2400

(b) 2500

(c) 2100

(d) 2600

Answer (d) 2600

20. A began a business with 8,000. After 4 months B joined with a certain capital. At the end of the year, in 4: 1. ratio they were distributed their profits sharing ratio  .How much did B invest?

(a) 3100

(b) 3400

(c) 2800

(d) 3000

Answer (d) 3000

Also You Can Read Business Mathematics MCQ

  1. MCQ on Profit and Loss

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