Partnership Questions for IIFT PDF

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Partnership Questions for IIFT PDF

Partnership Questions for IIFT PDF

Download important IIFT Partnership Questions PDF based on previously asked questions in IIFT and other MBA exams. Practice Partnership questions and answers for IIFT exam.

Download Partnership Questions for IIFT PDF

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Question 1: Two partners M and N buy a car. M pays a share of $\dfrac{3}{7}th$ of the total cost of the car. M
pays ₹ 31,540 less than N. What is the cost of the car?

a) ₹2,32,680

b) ₹2,03,175

c) ₹2,20,780

d) ₹1,85,780

Question 2: Profits of a business are distributed among three partners A, B and C in such a way that 4 times the amount received by A is equal to 6 times the amount received by B and 11 times the amount received by C. The ratio in which the three received the amount is

a) 4 : 6 : 11

b) 11 : 6 : 4

c) (1/4) : (1/6) : (1/11)

d) 66 : 44 : 24

Question 3: Ram and Shyam form a partnership (with Shyam as working partner) and start a business by
investing 4000 and 6000 respectively. The conditions of partnership were as follows:
1. In case of profits till 200,00 per annum, profits would be shared in the radio of the invested capital.
2.Profits from 200,001 till 400,000 Shyam would take 20% out of the profit, before the division of remaining profits, which will then be based on ratio of invested capital.
3.Profits in excess of 400,000, Shyam would take 35% out of the profits beyond 400,000, before the division of remaining profits, which will then be based on ratio of invested capital.
If Shyam’s share in a particular year was 367000, which option indicates the total business
profit (in ) for that year?

a) 520,000

b) 530,000

c) 540,000

d) 550,000

e) None of the above

Question 4: A starts a small business by investing a certain sum of money. B joins A after three months from the start of the business by investing 1.5 time A’s investment. Three months after B joined the business, C joins A and B by investing half of A’s investment. It was agreed that the working partner would receive 10% of the profit and the share according to the investment proportion from the rest of the profit. If total profit at the end of the year was Rs. 23750, how much will A, being the only working partner receive?

a) Rs. 11,375

b) Rs. 10,000

c) Rs. 12,375

d) Rs. 11,275

e) Rs. 12,000

Question 5: A and B jointly invest Rs. 2100 and Rs. 3100 respectively in a f. A is an active partner and he gets 25% of the profit separately. If their business yields them total Rs. 1,040 as profit what will be the gain of each of them ?

a) Rs. 415, Rs. 625

b) RS. 575, Rs: 465

c) Rs. 515, Rs. 525

d) Rs. 560, Rs. 480

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Question 6: Shyam, Gopal and Madhur are three partners in a business. Their capitals are respectively Rs 4000,Rs 8000 and Rs 6000. Shyam gets 20% of total profit for managing the business. The remaining profit is divided among the three in the ratio of their capitals. At the end of the year, the profit of Shyam is Rs 2200 less than the sum of the profit of Gopal and Madhur. How much profit, Madhur will get?

a) Rs.1600

b) Rs.2400

c) Rs.3000

d) Rs.5000

Instructions

In each of the following questions a question is asked followed by three statements.You have to study the questions and all the given three statements and all the statements and decide whether any information provided in the statement are redundant and can be dispensed with while answering the questions ?

Question 7: Three friends X,Y,Z started a partnership business investing money in the ratio of the 5 :4:2 respectively for a period of 3 years.What is the amount received by X as share in the total profit ?
I.Total amount invested in the business is Rs.22,000
II.Profit was distributed after a period of 2 years
III.The average amount of profit earned per year is Rs 2,750

a) I only

b) II only

c) III Only

d) I and II only

e) I or II or III

Question 8: Profit of Rs 187200 has to be divided among three partners Amit, Brijmohan and Chiranjeev in the ratio 1:2:5. How much does Chiranjeev get?

a) Rs. 46800

b) Rs. 23400

c) Rs. 117000

d) Rs. 58500

Question 9: Profit of Rs 144000 has to be divided among three partners Akram, Bipin and Chintan in the ratio 3:2:7. How much Rs. Chintan get?

a) 84000

b) 24000

c) 36000

d) 42000

Question 10: Two men X and Y started working for a certain company at similar jobs on January 1, 1950. X asked for an initial monthly salary of Rs. 300 with an annual increment of Rs. 30. Y asked for an initial monthly salary of Rs. 200 with a rise of Rs. 15 every 6 months. Assume that the arrangements remained unaltered till December 31, 1959. Salary is paid on the last day of the month. What is the total amount paid to them as salary during the period?

a) Rs. 93,300

b) Rs. 93,200

c) Rs. 93,100

d) None of these

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Answers & Solutions:

1) Answer (C)

Given that M pays $\dfrac{3}{7}th$ of the total cost of the car.
Let M pays Rs.3x for the car out of Rs.7x
Then, N pays Rs.4x
Given, M pays Rs.31540 less than N.
=> 4x – 3x = 31540
=> x = 31540
Then, Cost of the car = Rs.7x = 7*31540 = Rs.220780

2) Answer (D)

Given that 4 times the amount received by A is equal to 6 times the amount received by B and 11 times the amount received by C.

This can be written as,

4A = 6B or A : B = 3 : 2 ….(1) and

4A = 11C or A : C = 11 : 4 ….(2)

Multiply equation (1) with 11 and equation (2) with 3 we get,

A :B = 33 : 22 and A : C = 33 : 12 (or)

A : B : C = 33 : 22 : 12 (or) 66 : 44 : 24

Hence, option D is the correct answer.

3) Answer (D)

Ratio of profits earned by Ram : Shyam = 4000 : 6000

= 2 : 3

If profit < 2,00,000

% of profit earned by Shyam = $\frac{3}{5} \times$ 100 = 60%

If 2,00,000 < profit < 4,00,000, he gets 20 % and 60 % of the remaining profit.

% of profit earned by Shyam = 20% + .80 $\times$ 60% = 68%

If profit > 4,00,000

% of profit earned by Shyam = 35 % + .65 $\times$ 60% = 74%

Now, for first 2,00,000 profit earned by Shyam = $\frac{60}{100} \times$ 2,00,000 = Rs. 1,20,000

For second 2,00,000 profit earned by Shyam = $\frac{68}{100} \times$ 2,00,000 = Rs. 1,36,000

Let total profit earned by them = Rs. (4,00,000 + $x$)

=> From $Rs. x$ profit, Shyam received = 3,67,000 – 1,20,000 – 1,36,000 = Rs. 1,11,000

=> $\frac{74}{100} \times x$ = 1,11,000

=> $x$ = 1,11,000 $\times \frac{100}{74}$ = 1,50,000

$\therefore$ Total profit = 4,00,000 + 1,50,000 = Rs. 5,50,000

4) Answer (A)

Let A’s investment = $Rs. x$

=> B’s investment = $Rs. 1.5x$

=> C’s investment = $Rs. 0.5x$

Ratio of shares of A,B and C

= $(x \times 12) : (1.5x \times 9) : (0.5x \times 6)$

= $24 : 27 : 6 = 8 : 9 : 2$

Total profit = Rs. 23,750

Since, A is the working partner, he will receive 10 %

=> $\frac{10}{100} \times 23750 = Rs. 2,375$

Profit left = 23750 – 2375 = 21375

Thus, A’s share = $\frac{8}{8 + 9 + 2} \times 21375$

= $8 \times 1125 = 9000$

$\therefore$ Total amount received by A = $2,375 + 9,000 = Rs. 11,375$

5) Answer (B)

A and B jointly invest Rs. 2,100 and Rs. 3,100 respectively

Ratio of profit received by A and B = 2100 : 3100

=> A : B + 21 : 31

Total profit = Rs. 1,040

But A gets 25 % of the profit separately.

=> Amount received by A separately = $\frac{25}{100} \times 1040 = Rs. 260$

Profit left = $1040 – 260 = 780$

Now, profit received by B = $\frac{31}{21 + 31} \times 780$

= $31 \times 15 = 465$

Profit received by A = 780 – 465 = 315

$\therefore$ Total amount received by A = $260 + 315 = Rs. 575$

Total amount received by B = $Rs. 465$

6) Answer (B)

Let the total profit be P. Shyam will get 0.2P for managing the business rest 0.8 P will be divided in the ratio of 2:4:3

i.e. shyam will get 0.2P+0.8P*$\frac{2}{9}$ and Gopal and Madhur will together get 0.8P*$\frac{7}{9}$

Given that 0.8P*$\frac{7}{9}$ – (0.2P+0.8P*$\frac{2}{9}$) = 2200

Solving we get P = 9000 therefore profit madhur will get is $0.8*9000*\frac{1}{3}$ = 2400

Therefore our answer is option ‘B’

7) Answer (D)

Ratio of investment of X : Y : Z = 5 : 4 : 2

To find the share of profit earned by X (or anyone), we need to find the total profit earned.

From statement III : Average profit for 3 years = Rs. 2750

=> Total profit = $2750 \times 3$ = Rs. 8250

Amount received by X = $\frac{5}{(5+4+2)} \times 8250$ = Rs. 3750

Thus, statements I and II are redundant.

=> Ans – (D)

8) Answer (C)

Total profit = Rs. 1,87,200

Ratio of profit divided among Amit , Brihmohan and Chiranjeev = 1 : 2 : 5

=> Amount with Chiranjeev = $\frac{5}{(1 + 2 + 5)} \times 187200$

= $5 \times 23400 = Rs. 1,17,000$

=> Ans – (C)

9) Answer (A)

Total profit to be distributed = Rs. 1,44,000

Ratio of profit divided among Akram, Bipin and Chintan = 3 : 2 : 7

Thus, amount that Chintan will get = $\frac{7}{(3+2+7)} \times 144,000$

= $\frac{7}{12} \times 144,000$

= $7 \times 12000 = Rs$ $84,000$

=> Ans – (A)

10) Answer (A)

January 1, 1950 to December 31, 1959 is a period of 10 years or 20 half years.
The person X after 1st year gets Rs. 300 in next year he gets Rs. 330 and so on.
So his earning is in AP with 10 300+330+360+…

Similarly earning of Y is in AP with 20 terms 200+215+230+245…. .

So, the total earnings of X equals 12*(300+330+….10 terms) = 52200
The total earnings of Y equals 6*(200+215+230+…20 terms) = 41100

So, the total earnings of the two equals 52200+41100 = 93300

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