Commerce Accountancy · Quantitative Aptitude
Partnership accounting involves calculating profit and loss sharing ratios among business partners. It covers topics like interest on capital, joint life policies, and capital balances. These questions are a staple in commerce exams and test core accountancy principles.
A and B enter into a joint venture sharing profits and losses equally. A provides goods from his stock Rs. 10,000. He pays expenses amounting to Rs 1000. B incurs further expenses on carriage Rs. 2,000. He receives cash for sales Rs. 15,000. He also takes over goods to the value of Rs. 3,000. What will be the amount to be remitted by B to A Rs.
M and N enter into a joint venture where M supplies goods worth Rs. 6,000 and spends Rs. 300 on various expenses. N sells the entire lot for Rs. 7,800 meeting selling expenses amounting to Rs. 300. Profit sharing ratio equal. N remits to M the amount due. The amount of remittance will be _______________.
In a joint venture, A contributes Rs. 8,000 and B contributes Rs. 10,000. Goods are purchased for Rs. 11,000. Expenses amount to Rs. 1,000. Sales amount to Rs. 14,000, the remaining goods were taken by B at an agreed price of Rs. 400. A and B share profits and losses in the ratio of 1:2 respectively. As a final settlement, how much A will receive ?
A and B entered into a joint Venture to purchase and sell a new item. They agreed to share the profits and losses equally, A purchased goods worth Rs. 90,000 and spent Rs. 25,000 in sending the goods, B spent Rs. 5,000 as selling expenses and sold goods for Rs. 20,0000. What will be the amount remitted by B to A as final settlement ?
A, B and C were partners sharing profit and losses in the ratio of 3 :2 :1. A retired and firm received the joint life policy Rs. 12,000. The Joint Life Policy Account appearing in the balance sheet at Rs. 20,000. What will be the treatment for the balance in Joint Life Policy i.e., Rs.8,000.
A purchased goods costing Rs. 1,00,000. B sold the. goods for Rs. 1,60,000. Profit sharing ratio between A and B being equal, what will be the final remittance ?
P and Q enter into a Joint Venture sharing profits and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000. Other expenses of P Rs. 20,000. Q, sold the goods for Rs. 2,00,000. Remaining goods were taken over by Q at Rs. 10,000. The amount of final remittance to be paid by Q to P will be ______________.
X, Y and Z are partners in the ratio of 2: 1 : 1. After distribution of realisation loss, Z's capital has a debit balance of Rs. 6,000. If Z is personally insolvent, his capital balance will cancelled by:
An amount of money is to be divided among $P, Q$ and $R$ in the ratio $4 : 7 : 9.$ If the difference between the shares of $Q$ and $R$ is Rs. $500,$ what will be the difference between the shares of $P$ and $Q$?
If Rs. $840$ is divided between $P$ and $Q$ in the ratio $3:4$, then P's share is
An amount of money is to be distributed among $A,B\,$and$\,C$ in the ratio $3\,\colon\,1\,\colon\,5$. The difference between $B's$ share and $C's$ share is $Rs.\,3600$. What is the total of $A's$ share and $B's$ share?
A certain sum of money is divided between $P$ and $Q$ in the ratio $3\displaystyle\frac{1}{2}\,\colon\,5\displaystyle\frac{1}{2}$. If $P$ gets $Rs.\,180$ less than $Q$, then what is the share of $Q$?
A company makes a profit of $Rs.\,9,00,000$. $20\%$ of which is paid as taxes. If the rest is divided among the partners $P,Q\,and\,R$ in the ratio $1\,\colon\,1\displaystyle\frac{1}{2}\colon2$, then the share of $P,Q$ and $R$ are respectively.
$Rs. 366$ is divided among A,B & C so that A get $\dfrac{1}{2}$ as much B & C together, B get $\dfrac{2}{3}$ as much A & C together , then the share of A is
A sum of money is delivered among $A, B, C$ and $D$ in the ratio $3:4:9:10$. If the share of $C$ is Rs. $2580$ more than the share of $B$, What is the total amount of money of $A$ and $D$ together ?