Question

X and Y were partners sharing profits in the ratio of 3:2. They admitted P and Q as new partners X surrendered 1/3rd of his share in favour of P and Y surrendered 1/4th of his share in favour of Q. Calculate new profit sharing ratio of X,Y,P and Q​

Answer 1

Answer:

X's old share= 3/5

Y's old share= 2/5

P is admitted for 3/5 * 1/3= 3/15

Q is admitted for 2/5 * 1/4= 2/20

X's new share= 3/5- 3/15

                       = 6/15

Y's new share= 2/5- 2/20

                       = 6/20

P's share= 3/15

Q's share= 2/20

New Profit sharing ratio= 4:3:2:1

Explanation:

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