In the absence of an express agreement as to who will contribute to new partner's share of profit, it is implied that the old partners will contribute in the..............ratio.
Answer & explanation
Correct answer: option 3
The correct answer is option 3- In their old profit sharing ratio.
In the absence of any information, it is implied that old partners will contribute to new partners share of profit in the ratio of old profit sharing ratio i.e., sacrificing ratio will be same as old ratio.