SAMPLE QUESTIONS
1. A, B and C are the partners sharing profits and losses in the ratio of 5:3:2, took a joint life policy of Rs. 30,000. On the death of B what amount will be payable to each partner
a) A-Rs. 22,000 and B-Rs. 8,000
b) A-Rs. 14,000 and B-Rs. 16,000
c) A-Rs. 15,000, B-Rs. 9,000 and C-Rs. 6,000
d) A-Rs. 10,000, B –Rs. 8,000 and C-Rs. 10,000
2. B, C, D are partners sharing profits in the ratio 7:5:4. D died on 30th June 2006 and profits for the year 2005-2006 were Rs. 12,000. How much share in profits for the period 1st April 2006 to 30th June 2006 will be credited to D’s Account?
a) Rs. 3,000
b) Rs. 750
c) Nil
d) Rs. 1,000