X and Y are partners sharing profits and losses in the ratio 4:3.Z was admitted as a new partner.X surrendered 1/4th of his share and Y surrender 1/3rd of his share in favour of Z.Calculate the new profit sharing ratio.
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Explanation:
x:y
new share of x=
4:3
4-1/4*4
4-1
3
new share of y=
3-1/3*3
3-1
2
share of z=
(4+3)-(3+2)
7-5
2
New Ratio
x:y:z
3:2:2