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X &Y are partner in partnership …

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X &Y are partner in partnership share profit and losses in the ratio 3:1 .They admit Z 1/3share of the profits.the partners decide that the new firm will engage a person to keep area around the business premises neat.From the following journal entries calulatrle the new profit sharing ratio and identify the vakued practiced

Posted by Rahul Jat 6 years, 10 months ago

CBSE > Class 12 > Accountancy

2 answers

Shweta Aggarwal 6 years, 10 months ago

Remaining share =1-1/3=2/3 Now, Xs new share=2/3*3/4=6/24 And Ys new share=2/3*1/3=2/9

Shweta Aggarwal 6 years, 10 months ago

Let total share of the firm be 1 Share of Z =1/3

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