X and Y are partners in a firm sharing profits and losses in the ratio of 5:3 Z is - Accountancy - Reconstitution- Admission of a Partner

Question

X and Y are partners in a firm sharing profits and losses in the
ratio of 5:3 Z is admitted as a partner X surrenders 1/8th and Y
surrenders 1/6th of his share in favour of Z New profit sharing
ratio will be?

Arshita Pandey · Accepted Answer

Dear Student,
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X and Y are partners in a firm sharing profits and losses in the ratio of 5:3. Z is admitted as a partner. X surrenders 1/8th and Y surrenders 1/6th of his share in favour of Z. New profit sharing ratio will be?