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Partnership Online Test for competitive Exams-GATE

Partnership Online Test for competitive Exams-GATE: In order to crack any competitive exam you should aware of basic methadologies and some tricks to know the answer faster than others.Below shown the list of Questions provided with the explanation of answers.

You can go through each question and look how the answer was explained w.r.t. the given question.

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The marks are allotted after the end of each question and the time alloted was 36 minutes.

Partnership Online Test for GATE Exam
Partnership Online Test for GATE Exam

Time Allotted: 36 minutes

Partnership Online Test:

1.Anusha,Harika and Santhosh entered into a partnership investing Rs.35000,Rs.45000 & Rs.55000 respectively.Mr.Shafi wants to know the respective shares of Anusha,Harika and Santhosh in an annual profit of 40,500 are        [1 mark]

  1. Rs.10500,Rs.13500,Rs.16500
  2. Rs.10600,Rs.13400,Rs.16600
  3. Rs.10900,Rs.13530,Rs.16800
  4. None

Ans: a

Explanation:

Anusha:Harika:Santhosh = 35000:45000:55000

  • Anusha:Harika:Santhosh = 35:45:55
  • Anusha:Harika:Santhosh = 7:9:11

Given, profit of 40,500

Consider 7:9:11 =7 Parts:9 parts:11 parts = 7P:9P:11P

Therefore, 7P+9P+11P = 40500

  • P=1500

Share of Anusha:Harika:Santhosh=7P:9P:11P

Therefore,

Anusha’s Share =7P = 7*1500=10500

Harika’s Share  = 9P=9*1500 =13500

Santhosh’s Share =11P=11*1500=16500

Therefore,The Answer is “A


2.Varma started a business investing Rs.45000.After 3 months,Santosh joined him with the capital of Rs.60000.After another 6 months,Maanasa joined with a capital of Rs.90000.At the end of the year they made a profit of 20,000 what would be the Maanasa’s share in it?   [2 Marks]

  1. Rs.4000
  2. Rs.8000
  3. Rs.4020
  4. Rs.8020

The Answer is “A”

Explanation:

Varma:Santhosh:Maanasa

                       45K*(12th month):   60K*(9th month):     90K*(3rd month)

  • 2    :   2  :  1
  • Profit =20000
  • 2P+2P+1P=20000
  • 5P=20000
  • P=4000

Manasa’s Share = 1P

  • 1P=1*4000=4000

3.P And Q  started a business with initial investments in the ratio of 14:15 and their profits are in the ratio of 7:6.If P invested the money for 10 months,then for how many months did Q invest his money?  [1 Mark]

  1. Rs.11 months
  2. Rs.12 months
  3. Rs.8 months
  4. Rs.10 months

The Answer is “C”

Explanation:

Investment = 14:15

Profit          = 7:6

P invested the money for 10 months,Then Q(months)=?

Investment                                        Profit

      P  Q                                               P  Q

      14:15                                               7:6

P invested the money for 10 months

14*10:15*X : :7:6

140:15X :: 7:6

Product of Extremities = Product of Means

140*6 =15X*7

X=8 months

Therefore,Q Invests his money for 8 months.


4.P,Q and R entered into a partnership.They invested Rs.40000,Rs.80000 and Rs.120,000 respectively.At the end of 1st year,Q withdraws Rs.40000  while at the end of the second year R withdraws Rs.80000.In what ratio will the profit be shared at the end of 3 years?   [2 Marks]

  1. 3:4:7
  2. 2:3:5
  3. 3:4:6
  4. 4:7:6

The Answer is “A”

Explanation:

P : Q : R = 40,000:80,000:120,000

  • P : Q : R =40K:80K:120K

1st Year:

                                               P : Q : R

                                          40K:80K:120K

2nd Year:

Q withdraws 40K at the end of 1st Year.

                                               P : Q : R

                                            40K:80K:120K

                                         40K:(80K-40K):120K

                                          40K:(40K):120K

3rd Year:

R withdraws 80,000 at the end of 2nd year

    P: Q : R

40K:(40K):120K

40K:40K:(120K-80K)

40K:40K:40K

Now,Add all the 3 years of money that was invested.

P’s Share :40K+40K+40K =120K

Q’s Share:80K+40K+40K =160K

R’s Share:120K+120K+40K=280K

Therefore P:Q:R =120K:160K:280K

Therefore P:Q:R =3:4:7


5.Three partners A,B and C started a business.Twice A’s capital is equal to thrice B’s capital and B’s capital is four times C’s capital.Out of a total profit of Rs.16,500 at the end of the Year,B’s share is:  [2 Marks]

  1. Rs.4000
  2. Rs.1000
  3. Rs.6000
  4. Rs.2800

The Answer is “C”

Explanation:

Given,

           2A = 3B    &  B=4C

From,Ratio’s and Proportions

                                                  A:B:C =6:4:1

Given,Profit =Rs.16500

Therefore,6P+4P+1P=16500

  • 11P=16500
  • 1P=1500

B’s Share :

4P =4*1500=Rs.6000/-


6.P and Q started a business jointly.P’s investment was thrice the investment of Q and the period of his investment was two times the period of investment of Q.If Pavan received 4000 as profit then their total profit is:  [2 Marks]

  1. Rs.40000
  2. Rs.10000
  3. Rs.15000
  4. Rs.28000

The answer is “D”

Explanation:

P =3Q => P:Q =3:1

 P=2Q => P:Q =2:1

  • P:Q =6:1

Given,B’s Profit = 4000/-

  • 1P =4000/-

Total Shares=7P

  • 7P=7*4000=28000/-

Therefore,Total Profit =28000/-


7.M,N and O enter into a partnership.M invests some money at the beginning and invest double the amount of money after 6 months and O invests thrice the amount after 8 months.If the annual profit be Rs.27000 then what he is O’s share:  [2 Marks]

  1. Rs.6000
  2. Rs.2000
  3. Rs.9000
  4. Rs.2800

The Answer is “C”

EXPLANATION:

M,N,O entered into Partnership

             M      :           N        :         O

          X*12    :         2X*6     :     3X*4

         12X      :         12X       :       12X

             1      :            1         :        1

Given,Profit =Rs.27000/-

From the Above,

1P+1P+1P = 27000

  • 3P =27000
  • 1P= 9000

C’s Share =1P=9000/-


8.Santosh is a working partner and Varma is a sleeping partner.In a business,Santosh invests Rs.12000 rupees and Varma invest Rs.20000 rupees.Santosh receives 10% of the profit for managing and rest being divided in proportion to their capitals out of a total profit of Rs.9600.The money received by Santosh is [2 Marks]

  1. Rs.6200
  2. Rs.2900
  3. Rs.4200
  4. Rs.2800

The Answer is “C”

EXPLANATION:

Santosh = Working Partner

Varma    = Sleeping Partner

                       Santosh           Varma

                  Rs.12000/-     :     Rs.20000/-

                  Rs.12K          :      Rs.20K

                            3          :         5

Santosh = Working Partner = 10% Share of Profit=960

Profit =9600/-

9600-960 = 8640

3P+5P=8640

8P      =8640

1P  = 1080

Money Received by Santosh = 3P+960

=(3*1080)+960

=4200

Money Received by Santosh =Rs.4200/-


9.P,Q and R Jointly thought of engaging themselves in a business venture.It was agreed that P would invest Rs.6500 rupees for 6 months,Q,8400 for 5 months and R,Rs.10,000 for 3 months.P wants to be the working member for which he was to receive 5% of the profits.The profit earned was Rs.7400.Calculate the share of B in the profit:  [2 Marks]

  1. Rs.6200
  2. Rs.2900
  3. Rs.2660
  4. Rs.2800

The answer is “c”

EXPLANATION:

                       P                  Q                   R

                   6500*6   :    8400*5   :     10000*3

                        13     :     14          :         10

P is a working Partner

P =5% of Profits

P = 5% of 7400

P=Rs.370

Before dividing the profits,Rs.370 has to be deducted from the Total Profit of 7400 i.e.Rs.7030/-

Now,Rs.7030 is divided in between P,Q&R

13P+14P+10P = 7030

1P = 190

Q’s Share =14P=14*190=Rs.2660/-


10.Vinay started a business investing Rs.25000 in 2016.In 2017,he invested an additional amount of Rs.10,000 and Vamshi joined him with an amount of Rs.35000 in 2018,Vinay invested another additional amount of Rs.10,000 and Anil joined them with an amount of Rs.35000.What will be Vamshi’s share in the profit of Rs.1,50,000 at the end of 3 years from the start of the business in 2016? [2 Marks]

  1. Rs.62000
  2. Rs.29000
  3. Rs.26600
  4. Rs.50000

The Correct Answer is “D”

EXPLANATION:

                     Vinay                              Vamshi                      Anil

 

2016            Rs.25000

2017            Rs.25000+10000             Rs.35000

2018       25000+10000+10000                  –                           Rs.35000              

Therefore,

                      Vinay                              Vamshi                      Anil

 

2016               25000

2017            Rs.35000                      Rs.35000

2018              45000                         Rs.35000                           Rs.35000          

 

Vinay’s Share at the end of 3 Years = 25000+35000+45000=105000

Vamshi’s Share at the end of 3 Years =     70000

Anil’s Share at the end of 3 Years = 35000

Vinay :Vamshi:Anil =105000:70000:35000

Vinay :Vamshi:Anil =      3    :    2   :   1

6P=150000

1P=25000/-

Vamshi’s Share =2P

  • 2*25000
  • 50000/-

All the Best for your further Exams in future. Stay with us to find some more questions with answers in the future.

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