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12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm : Fundamental

  • question_answer
    A, B and C are partners in a firm without any agreement. They have contributed Rs.5,000, Rs.3,000 and Rs.2,000 by way of capital in the firm. A was unable to work for six months in a year due to illness. At the end of year, firm earned a profit of Rs.1,500. A’s share in the profit will be:

    A) Rs.750                          

    B) Rs.375     

    C) Rs.500                          

    D) Rs.250

    Correct Answer: C

    Solution :

    [c] Rs.500
    Hint: A’s share - profit = 1,500 \[\times \] 1/3 = Rs.500


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