In this study, a mathematical model for analyzing the heat source/sink effect on magnetohydrodynamic two-dimensional ferrofluid flow past a cone and a vertical plate in the presence of volume fraction of ferrous nanoparticles is presented. The governing partial differential equations are transformed as ordinary differential equations making use of similarity solutions and solved numerically with the aid of Runge-Kutta based shooting technique. The limiting case of the present results shows a good agreement with the published results. The solutions for the flow over a cone and a vertical plate cases are presented. The influence of dimensionless parameters on velocity and temperature profiles along with the friction factor coefficient and the heat transfer rate are analyzed with the help of graphs and tables. It is found that the rising value of the volume fraction of ferrous nanoparticles enhances the friction factor coefficient and heat transfer rate. It is also found that heat transfer performance of the flow over a plate is comparatively higher than the flow over a cone.