Question

Prakash and Akash are partners sharing profits and losses in the ratio They admit Ramesh into the partnership giving him 1/5th share whi acquired from Prakash and Akash in 1:2 ratio. Calculate new profit sharing ratio.

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Answer 1

Correct question:

Prakash and Akash are partners in a firm, sharing profits and losses in the ratio 2:1. Ramesh is admitted into the firm for 1/5th of the shares, which he acquires from Prakash and Akash in the ratio 1:2. Calculate the new profit-sharing ratio.

Answer:

• Prakash's old share = 2/3
• Akash's old share = 1/3
• Ramesh's share = 1/5

Ramesh gets 1/5 from Prakash and Akash in the ratio 1:2.

From Prakash, Ramesh gets 1/3rd of his share, i.e.,:

• 1/3 × 1/5 = 1/15

From Akash, Ramesh gets 2/3rd of his share, i.e.,:

• 2/3 × 1/5 = 2/15

Calculation of the new profit-sharing ratio:

New ratio = Old ratio - Ratio surrendered

For Prakash:

• New ratio = 2/3 - 1/15 = (10 - 1)/15 = 9/15

For Akash:

• New ratio = 1/3 - 2/15 = (5 - 2)/15 = 3/15

For Ramesh:

• New ratio = 1/5, or 3/15

Therefore, the new profit-sharing ratio is 9:3:3 or 3:1:1.

Answer 2

new profit ratio = 9:3:3 = 3:1:1

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