A, B and C are partners in a firm sharing profits in the ratio 25:25:15. C retires from the firm and his share is bought by A and B in equal ratio. New profit sharing ratio will be.

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This question belongs to Commerce Accounting

Accounting

?

A, B and C are partners in a firm sharing profits in the ratio $$\frac{2}{5}:\,\frac{2}{5}:\,\frac{1}{5}.$$ C retires from the firm and his share is bought by A and B in equal ratio. New profit sharing ratio will be.

A) $${\text{A}} = \frac{1}{2}:{\text{B}} = \frac{1}{2}$$ B) $${\text{A}} = \frac{3}{5}:{\text{B}} = \frac{2}{5}$$ C) $${\text{A}} = \frac{2}{5}:{\text{B}} = \frac{3}{5}$$ D) $${\text{A}} = \frac{1}{3}:{\text{B}} = \frac{2}{3}$$

Answer & Solution

Correct Answer: Option A

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A B and C are partners in a firm sharing profits...

A, B and C are partners in a firm sharing profits in the ratio $$\frac{2}{5}:\,\frac{2}{5}:\,\frac{1}{5}.$$ C retires from the firm and his share is bought by A and B in equal ratio. New profit sharing ratio will be.

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