A and B are partners in a business sharing profits and losses in the ratio of 7 : 3 respectively. They admit C as a new partner. A sacrificed 1/7th share of his profit and B sacrificed 1/3rd of his share in favour of C. The new profit sharing ratio of A, B and C will be

03:01:01

Sacrifice of A= 1/7*7/10
                    =1/10
Sacrifice of B= 1/3*3/10
                    =1/10
New Share of A= 7/10-1/10
                        =6/10 or 3/5
New Share of B=3/10-1/10
                        =2/10 or 1/5
Share of C= 1/5
NEW PROFIT SHARING RATIO IS 3/5 : 1/5 : 1/5
                                              =3:1:1