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This question belongs to Commerce Accounting
Accounting
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A and B are partners sharing profits and losses in the ratio 3 : 1. They decided to admit C. C will be given $${\frac{1}{4}^{{\text{th}}}}$$ share in future profits of the firm which he takes from A and B in ratio 2 : 1. New profit sharing ratio will be:

Answer & Solution
Correct Answer: Option B
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