JAMB Accounting 2009 Objective — Question 38
Question 38 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2009 Objective paper, with the correct answer and a full explanation.
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38. Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as a new partner to take 1/5th as her share, what is the new profit or loss sharing ratio?
- A. Sule 1/3, Ahmad 1/3 and Khadija 1/3
- B. Sule 1/5, Ahmad 1/5 and Khadija 3/5
- C. Sule 2/5, Ahmad 2/5 and Khadija 1/5Correct
- D. Sule 2/5, Ahmad 1/5 and Khadija 2/5
Explanation
If Khadija takes 1/5, the remainder is 4/5, split equally between Sule and Ahmad: (4/5)/2 = 2/5 each. Ratio: Sule 2/5, Ahmad 2/5, Khadija 1/5.
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