Mr. M, Mr. N and Mr. O are partners sharing profits in the ratio of 3/8, 1/2, 1/8. Mr. retires and surrenders 2/3 of his share in favour of Mr. N and the remaining share in favour of Mr. O. Calculate new profit sharing ratio.
Mr. M, Mr. N and Mr. O are partners sharing profits in the ratio of 3/8, 1/2, 1/8. Mr. retires and surrenders 2/3 of his share in favour of Mr. N and the remaining share in favour of Mr. O. Calculate new profit sharing ratio.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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