Neco Model Questions Vol1 2019 Financial Accounting Question 42
Practice objective / multiple choice question 42 from the 2019 Neco Model Questions Vol1 Financial Accounting examination.
Three partners A, B and C share profits in the ratio 3:2:1. Their capital balances are \(\N150,000\), \(\N100,000\) and \(\N50,000\) respectively. The firm revalues a building from a carrying amount of \(\N300,000\) to a fair value of \(\N450,000\). The revaluation surplus is to be shared in the existing profit‑sharing ratio. A new partner D is admitted, paying \(\N150,000\) for a \(\frac15\) share of the capital after admission. Determine the new profit‑sharing ratio among A, B, C and D (expressed in simplest whole numbers).
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This is Neco Model Questions Vol1 2019 Financial Accounting Question 42. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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