Neco Model Questions Vol1 2020 Financial Accounting Question 14
Practice objective / multiple choice question 14 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Three partners A, B and C share profits in the ratio \(3:2:1\). A new partner D is admitted, contributing cash of \(30,000\) for a one‑quarter share of future profits. Existing partners agree that D's share will be \(\frac{1}{4}\) of the profit and the remaining \(\frac{3}{4}\) will continue to be divided between A, B and C in their original ratio. What is the new profit‑sharing ratio among A, B, C and D expressed in simplest whole numbers?
Answer Options
About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 14. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.