Peter and Quintus were in partnership sharing profits in the ratio 3:2 respectively. They admitted Rufus for
Question:
Peter and Quintus were in partnership sharing profits in the ratio 3:2 respectively. They admitted Rufus for a fourth share of profit. What will be the new profit sharing ratio of all three partners in each of the following independent scenarios:
(a) If the examiner gives no instruction whatever
(b) If Peter and Quintus agreed to hand over equally the portion of profit Rufus is being admitted to
(c) If partners agree that the whole of the share Rufus is entitled to should be given up by Peter
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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