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Question

Accounting and Auditing Question on Partnership Accounts

X and Y are two partners sharing profits in the ratio of 2:1.Z admitted into the firm for 14\frac{1}{4} share of profit. The new profit sharing between X,Y and Z will be:

A

2:1:1

B

3:2:1

C

5:3:1

D

4:3:2

Answer

2:1:1

Explanation

Solution

The correct answer is (A) : 2:1:1.