Changes in the profit sharing ratio may occur as a result of
I. skill contributed by partners
II. health status
III. old age
IV. Intangible asset increase
- I, III and IV
- I and III
-
I, II and III
- I, II and IV
The correct answer is: C
Explanation
Change in profit sharing ratio may occur as a result of the following:
- changes in skill contributed by partners
- ill health
- old age