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Partnership Tips and Tricks for Government Exams
Introduction
Persons Two or more than two persons when start and run the new business jointly of their own choice, the persons start they are called Partners and the deal is done between the partners is known as Partnership.
Theory
- Partnership is an important chapter in Quantitative section of IBPS and other banking examination.
- When two or more people joins hands with a common goal to attain profits. Every partner invests either time, money or his patents to help partnership firm to reap profits.
Important Terms
- The amount investment of all the partners are for the same time period, the gain or loss amount is distribute among the partners in the ratio of their investments amounts.
- When investments are for different time periods, then equivalent capital are calculate a unit of time by taking (Capital x number of unit of time).
Solved Examples
Question for Tips & Tricks: PartnershipTry yourself:Three friends A, B, C invested in a business in the ratio of 4:5:6. After 6 months C withdraw half of his capital. If the sum invested by A is 36000, then the profit earned by C out of the total profit of 60000.
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Question for Tips & Tricks: PartnershipTry yourself:Two persons A and B invested in a business with 115000 and 75000 rupees respectively. They agree that 40% of the profit should be divided equally among them and rest is divided between them according to their investment. If A got 500 rupee more than B, then the total profit is.
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Question for Tips & Tricks: PartnershipTry yourself:Three persons enter into a partnership by investing in the ratio of 4:5:8. After one year A invest more 4300 and B withdraws 3200. Now, the ratio of investment changes to 5:4:7. Approximately how much A invested initially.
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FAQs on Partnership Tips and Tricks for Government Exams
| 1. How can I find a suitable partner for a business partnership? |  |
Ans. To find a suitable partner for a business partnership, you can start by networking within your industry, attending industry events, utilizing online platforms such as LinkedIn, and seeking referrals from trusted sources.
| 2. What are the key elements to consider before entering into a partnership? | |
Ans. Before entering into a partnership, it is crucial to consider factors such as shared values and goals, mutual trust and respect, clear communication, defined roles and responsibilities, and a well-drafted partnership agreement.
| 3. How can I ensure a successful partnership with my business partner? | |
Ans. To ensure a successful partnership, it is important to maintain open and honest communication, establish clear expectations and boundaries, regularly evaluate the partnership's progress, address any conflicts or issues promptly, and celebrate achievements together.
| 4. What are some common challenges that may arise in a business partnership? | |
Ans. Some common challenges in a business partnership include disagreements over decision-making, unequal contributions or effort, conflicting priorities, communication breakdowns, and differing work styles or values.
| 5. How can I effectively manage conflicts with my business partner in a partnership? | |
Ans. To effectively manage conflicts with your business partner, it is important to address issues promptly and directly, actively listen to each other's perspectives, seek compromise or solutions that benefit both parties, and consider seeking outside mediation if necessary.
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