5. Accounting for Partnerships
Profit Sharing — Quiz
Test your understanding of profit sharing with 5 practice questions.
Practice Questions
Question 1
In a partnership, if the total profit is $80,000 and partners A and B share profits in the ratio of 5:3, how much does partner A receive?
Question 2
If a partnership agreement allows for interest on capital at 10% and partner A has capital of $60,000, how much interest will partner A receive?
Question 3
Partners C and D share profits in the ratio of 1:4. If the total profit is $25,000, how much does partner C receive?
Question 4
In a partnership, if partner A receives a salary of $4,000 and the total profit is $32,000, what is the remaining profit available for distribution?
Question 5
If partners E and F share profits in the ratio of 3:2 and partner E receives $18,000, what is the total profit of the partnership?