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Question
Ravi and Mukesh are sharing profits in the ratio of 7 : 3. They admit Ashok for 3/7th share in the firm which he takes 2/7th from Ravi and 1/7th from Mukesh. Calculate new profit-sharing ratio.
Sum
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Solution
Old Ratio = Ravi : Mukesh
= `7/10 : 3/10`
A is admitted for `3/7` share of profit
Ravi sacrifices in favour of Ashok = `2/7`
Mukesh sacrifices in Favour of Ashok = `1/7`
New Ratio = Old Ratio - Sacrificing Ratio
Ravi's = `7/10 - 2/7 = 29/70`
Mukesh's = `3/10 - 1/7 = 11/70`
New Profit Sharing Ratio = Ravi : Mukesh : Ashok
= `29/70 : 11/10 : 3/7`
= `[ 29 : 11 : 30 ]/70`
= 29 : 11 : 30
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