Question

A and B are partners sharing profit and losses in the ratio of 7:5. they agree to admit c into partnership who is to get 1/6th share in the profits. he acquires this share as 1/24th from A and 1/8 from B. the new profit sharing ratio will be?
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Answer 1

A's old share= 7/12

B's old share= 5/12

C is admitted for 1/6th share

A's new ratio= 7/12- 1/24

                    = 13/24

B's new ratio= 5/12- 1/8

                     = 7/24

New Ratio of the firm= 13:7:4