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Subjects
Class 12AccountancyPartnership Accounts - Basic ConceptsProfit DistributionMedium
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A was a partner only for the first six months of the year. The annual profit is Rs 120000 and his share is one-third. On a time basis, what is A's profit?

Answer and explanation

Correct answer: Rs 20000

One-third of the annual profit = Rs 120000 × 1/3 = Rs 40000. Since A was partner for only six months, his time-based share = (6/12) × Rs 40000 = Rs 20000. Option B (Rs 40000) is incorrect because it gives the full-year share; A must be adjusted for the period he was active. Exam tip: compute the partner’s full-year share first, then multiply by (actual months/12).

Related tags

Partnership AccountsProfit DistributionTime BasisNumericalPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq
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10 more MCQs
  1. 1If the partnership deed says profit will first be transferred to reserve, what type of adjustment is this?
  2. 2A is guaranteed a minimum profit of rupees twenty thousand. His actual share of profit is rupees seventeen thousand. What is the deficiency?
  3. 3If the deed requires fixed capitals in which account will appropriations like salary and interest be recorded?
  4. 4The deed says interest on drawings is credited to the Profit and Loss Appropriation Account. Why is it credited?
  5. 5The deed provides a monthly salary of Rs 6,000 to partner A and equal profit sharing. Where will the annual salary appear?
  6. 6If the deed says profit will first be transferred to reserve and then shared among partners, what is the first step?
  7. 7If the deed allows A a twenty percent commission on profit before distributing the remaining profit, what is the nature of this item?
  8. 8The deed gives B a firm guarantee of minimum profit of Rs 15,000. Total profit is Rs 60,000 and B’s normal share is Rs 12,000. By how much will profit available to other partners reduce?
  9. 9What is the main basis of profit distribution in partnership?
  10. 10If the partnership deed does not provide profit sharing ratio how will profit be distributed?
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