Neha contributed Rs. 30,000 and Solani Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent? Option 1: One third of total profit. Option 2: One fourth of total profit. Option 3: Half of total profit. Option 4: Two third of total profit.

Answer: Half of total profit. Solution: When the partnership agreement is silent about profit-sharing ratio, the provisions of the Indian Partnership Act, 1932 apply. According to Section 13(b) of the Indian Partnership Act, 1932, if the partnership deed does not specify the profit-sharing ratio, partners share profits and losses equally, irrespective of their capital contributions. Given information: - Neha's capital = Rs. 30,000 - Saloni's capital = Rs. 90,000 - Partnership agreement is silent on profit-sharing Since there are two partners (Neha and Saloni) and the agreement is silent, profits will be shared equally between them. Saloni's share in profits = 1/2 = Half of total profit It's important to note that even though Saloni contributed three times more capital than Neha (Rs. 90,000 vs Rs. 30,000), this doesn't affect the profit-sharing ratio when the agreement is silent. Equal sharing applies regardless of capital ratio. Correct Answer: Option 3 - Half of total profit

Partnership

Accounting

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common

Neha contributed Rs. 30,000 and Solani Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?

One third of total profit.

One fourth of total profit.

Half of total profit.

Two third of total profit.

✅ Correct Option: 3

When the partnership agreement is silent about profit-sharing ratio, the provisions of the Indian Partnership Act, 1932 apply.

According to Section 13(b) of the Indian Partnership Act, 1932, if the partnership deed does not specify the profit-sharing ratio, partners share profits and losses equally, irrespective of their capital contributions.

Given information:

Neha's capital = Rs. 30,000
Saloni's capital = Rs. 90,000
Partnership agreement is silent on profit-sharing

Since there are two partners (Neha and Saloni) and the agreement is silent, profits will be shared equally between them.

Saloni's share in profits = $\frac{1}{2}$ = Half of total profit

It's important to note that even though Saloni contributed three times more capital than Neha (Rs. 90,000 vs Rs. 30,000), this doesn't affect the profit-sharing ratio when the agreement is silent. Equal sharing applies regardless of capital ratio.

Correct Answer: Option 3 - Half of total profit

2025: 24 May Shift 1

Sumit, a partner in Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. Calculate interest on drawings at simple rate of interest of 10 percent per annum and if an amount of Rs. 4,000 per month was withdrawn by sumit at the end of each month.

2026: 20 May Shift 1

The capital of the firm of M and N is Rs. 1,00,000 and the market rate of interest is 15%. The annual salary to partners is Rs. 6,000 each. The profits for the last 3 years were Rs. 30,000 (for 2022); Rs. 36,000 (for 2023) and Rs. 42,000 (for 2024). Goodwill is to be valued at 2 years' purchase of the last 3 years' average super profits or 3 years' purchase of the last 2 years' average super profits, whichever is less. Calculate the goodwill of the firm.

2026: 20 May Shift 1

Select the essential features of partnership from the following:

(A) Partnership is the result of an agreement between partners.

(B) Co-ownership of a property between people amounts to partnership.

(D) Each partner carrying on the business is the principal as well as the agent for all the other partners.

Choose the correct answer from the options given below:

2025: 26 May Shift 2

Which of the following statements results in the reconstitution of a partnership firm :-

(A) Change in profit sharing ratio among partners.

(B) Admission of a new partner.

(D) Dissolution of a partnership.

Choose the correct answer from the options given below:

2026: 6 June Shift 1

In fixed capital method, all adjustments for partner's drawings, salary, interest on capital, etc. are posted in the:

2022: 23 Aug Shift 2

Sudhir and Vimal came into partnership with profit sharing ratio of 3 : 2. Due to paucity of time, Sudhir was unable to give time to business so Vimal acted as principle and took all financial and operational decisions.

Due to break down of Covid 19, business suffered a loss of 4,00,000. State the amount of loss to be borne by Sudhir.

Neha contributed Rs. 30,000 and Solani Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?

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