Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted…

Accounts - Principles of Accounts JAMB 2020

Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

  • Kola 1/3, Sunday 1/3 and Kemi 1/3
  • Kola 1/5, Sunday 1/5 and Kemi 3/5
  • Kola 2/5, Sunday 1/5 and Kemi 2/5
  • Kola 2/5, Sunday 2/5 and Kemi 1/5 checkmark

The correct answer is: D

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