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Vogel and Mazibuko are in a mining partnership with a profit-sharing ratio of 1:3 respectively....

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Accounting

Vogel and Mazibuko are in a mining partnership with a profit-sharing ratio of 1:3 respectively. A new partnership was formed by admitting Malikane. A 1/6 share in the profits/loss of the new partnership was obtained by Malikane. Vogel and Mazibuko agreed to relinquish the 1/6 share according to their previous profit-sharing ratio of 1:3. The new profit-sharing ratio is: 1. 7:18:6 2. 5:15:4 3. 1:3:6 4. 8:16:5 5. 3:13:2

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