Before changing the profit sharing ratio, the old partners should share all the past profits and losses in the ____________

none of the above

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equal

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old

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new

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Solution

The correct option is C
old

Before changing the profit sharing ratio, the old partners should share all the past profits and losses in the old profit sharing ratio.

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Similar questions

Q. Before changing the profit sharing ratio, the old partners should share all the past profits and losses in the ratio.

Q. Consider the following statements :
1. At the time of admission of new partner undistributed profit or losses are distributed to all partners in new ratio.
2. Profit or loss on revaluation of assets and liabilities is transferred to old partner's capital account in old profit sharing ratio.
3. Goods brought in by incoming partner in cash for joining in a partnership firm is taken away by the old partner's in their new profit-sharing ratio.
Which of the above statement/s is/are true ?

Q. When a new partner acquires his share of profit from an old partner, the profit sharing ratio becomes necessary to calculate.

Q. A and B are partners sharing profits and losses in the ratio of

3 : 2

. They admit C into the partnership for one-fourth share of the profits while A and B as between themselves are sharing profits & losses equally. The new profit sharing ratio will be _______.

A and B were partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit C as a new partner. The profit and loss sharing shall be so adjusted that A receives half of B's share and C receives one-third of A's share. Calculate new profit sharing ratio and sacrificing ratio.

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Before changing the profit sharing ratio, the old partners should share all the past profits and losses in the ____________

The correct option is C old Before changing the profit sharing ratio, the old partners should share all the past profits and losses in the old profit sharing ratio.

The correct option is C
old

Before changing the profit sharing ratio, the old partners should share all the past profits and losses in the old profit sharing ratio.