Multiple choice

Unless agreed otherwise, it is presumed that

  1. the new partner acquires his share in profit from all the old partners in their old profit sharing ratio

  2. the new partner acquires his share in profit from all the old partners equally

  3. the old partners continue to share the remaining profit equally

  4. none of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

When a new partner is admitted without specific agreement, it's presumed they acquire their share from all old partners in their OLD profit sharing ratio. This is the standard default rule under partnership accounting principles.

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