Peter and Quintus were in partnership sharing profits in the ratio 3:2 respectively. They admitted Rufus for

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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

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Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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Question Posted: Aug 30, 2023 08:19 AM

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Peter and Quintus were in partnership sharing profits in the ratio 3:2 respectively. They admitted Rufus for

Question:

x 3 y 9 z 1 Peter Quintus 2 6 1 1 5 1 Rufus

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Financial Accounting An Introduction

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