JAMB - Accounts Principles Of Accounts (2018 - No. 38)
Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?
Sule1/3, Ahmed1/3, Khadija 1/3
Sule1/3, Ahmed1/3, Khadija 1/3
Sule1/5, Ahmed1/5, Khadija3/5
Sule2/5, Ahmed1/5, Khadija2/5
Explanation
If Khadija is to take 1/5th i.e. 20%
Sule and Ahmed are to share 80% (100% - 20%) equally
Sule = 2/5
Ahmed = 2/5
Khadija = 1/5
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