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Harit and Leela Are Partners in a Firm Sharing Profits and Losses in the Ratio of 2 : 3. Yash Was Admitted as a New Partner for 1/5th Share in the Profits of the Firm. Yash Acquires - Accountancy

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MCQ

Choose the appropriate alternative from the given options:
Harit and Leela are partners in firm sharing profits and losses in the ratio of 2 : 3. Yash was admitted as a new partner for 1/5th share in the profits of the firm. Yash acquires his share from Leela. The new profit sharing ratio of Harit, Leela, and Yash will be :

Options

  • 2 : 3: 5

  • 2: 2: 1

  • 5 : 3: 2

  • 3: 5: 1

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Solution

New Profit sharing ratio is 2: 2: 1,

Hence, the correct answer is 2: 2: 1.

Working Notes: 

Particulars Harit Leela Yash
Old  profit-sharing Ratio `(2)/(5)` `(3)/(5)` -
Sacrificing Ratio - `(1)/(5)` -
New profit sharing Ratio `(2)/(5)` `(3)/(5) - (1)/(5) = (2)/(5)` `(1)/(5)`
Concept: Retirement and Death of a Partner - Calculation of New Profit Sharing Ratio
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