A and M are partners sharing profits and losses in the ratio of 3:2. G is admitted for 1/4th share. Therefore, N enters the partnership for 20 paise in a rupee. Compute new profit sharing ratio.
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Answer:
9:6:5:5
Explanation:
Let the combined share of firm be 1,so after G's admission profit share left will be 1-1/4=3/4.A's share=3/4*3/5=9/20
M's share=3/4*2/5=6/20
Share for A,M and G=9:6:5
N's admission takes place for a share of 20 p in a rupee i.e 20/100=1/5
Share left for A,M and G=1-1/5=4/5
A's share=4/5*9/20=9/25
M's share=4/5*6/20=6/25
G's share=4/5*5/20=5/25
N's share=1/5*5/5=5/25
Thus new profit sharing will be 9:6:5:5
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