L, M and N are partners sharing profits in the ratio 4:3:2. N retires and he surrenders 2/3 of his share in favour of L and 1/3 share in favour of M. The new profit sharing ratio of L and M would be: *
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Let Total Profit be x.
Profit of L = 4x
Profit of M = 3x
Profit of N = 2x
Profit given by N to L = 4x/3
Profit given by N to M = 2x/3
New profit of L = 4x + 4x/3 = 16x/3
New profit of M = 3x + 2x/3 = 11x/3
Ratio = 16:11.
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