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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Real Estate

Real estate means ownership of land along with the assets and natural resources that exist on the land. These properties are in real/physical form which is tangible. Real estate simply means land or addition made to land permanently like constructing a residence or different buildings. People invest in real estate to either reside or for wealth creation. Many people investing in real estate further lend the place for occupation or businesses in return for a monthly payment.

Question

Plz solve !!

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.
None of these
3:1
1:3
2:3

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