Question Bank - Accountancy

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A and B are partners in a firm sharing profits in the ration of 3 : 2 They admit X as a partner for 1/3 share in profits of the firm. The new profit sharing ration of A,B and X is

A.
03:02:01
B.
03:02:02
C.
03:02:03
D.
06:04:05

Solution:

Old Profit Sharing Ratio (A and B) = 3:2X is admitted for a 1/3 rd share. New Profit Sharing Ratio (A and B) = 1 - 1/3 = 2:3A's New Profit Sharing Ratio = 3/5 * 2/3 = 2/5B's New Profit Sharing Ratio = 2/5 * 2/3 = 4/15A: B: C2/5: 4/15: 1/3Using the L. C. M method to make denominators common, New Profit Sharing Ratio Of A:B: C is 6:4:5

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