A and B have been in partnership sharing profits in the ratio of 7 : 3. C is admitted as a partner. A surrender $$\frac{1}{7}$$ of his share and B surrenders $$\frac{1}{3}$$ of his share in favour of C. The new profit sharing ratio will be-
A. 1 : 1 : 3
B. 3 : 1 : 1
C. 1 : 3 : 1
D. 2 : 1 : 1
Answer: Option B
This Question Belongs to Commerce >> Accounting
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