Question : X and Y were partners in a firm sharing profits equally. With effect from 1st April 2020, they decided to share profits in the ratio of 4:3. Due to the change in the profit-sharing ratio gain or sacrifice will be
Option 1: Gain 1/14
Option 2: Sacrifice 1/14
Option 3: Gain 3/4
Option 4: Sacrifice 3/7.
Answer (1)
24th Jan, 2024
Correct Answer: Sacrifice 1/14
Solution : Answer = Sacrifice 1/14.
Sacrifice ratio = Old ratio – new ratio
X = 1/2- 4/7 = -1/14 Gain
Y= 1/2-3/7= 1/14 sacrifice
Hence, the correct option is 2.
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