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:
A. 4 : 3 : 1
B. 7 : 2 : 3
C. 3 : 1 : 7
D. 7 : 3 : 2
Answer: Option B
This Question Belongs to Commerce >> Accounting
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