P, Q and R were partners in a firm sharing profits and losses in the ratio st 1rd of $\displaystyle 3$ : $\displaystyle 4$ : 1. On $\displaystyle 31$ March, $\displaystyle 2022$, R retired. R surrendered of his $\displaystyle 3$ share in favour of P and the remaining share in favour of Q. Calculate the new profit sharing ratio of P and Q.

Given ratio of P Q R $\displaystyle 3$ : $\displaystyle 4$ : $\displaystyle 1$ New Share = Old Share + Gain P’s old share = $\displaystyle 3$/$\displaystyle 8$ P’s gain = $\displaystyle 1$/$\displaystyle 3$ of R’s share = $\displaystyle 1$/$\displaystyle 3$ x $\displaystyle 1$/$\displaystyle 8$ = $\displaystyle 1$/$\displaystyle 24$ P’s new share = $\displaystyle 3$/$\displaystyle 8$ + $\displaystyle 1$/$\displaystyle 24$ = $\displaystyle 10$/$\displaystyle 24$ Q’s old share = $\displaystyle 4$/$\displaystyle 8$ Q’s gain = $\displaystyle 2$/$\displaystyle 3$ of R’s share = $\displaystyle 2$/$\displaystyle 3$ x $\displaystyle 1$/$\displaystyle 8$ = $\displaystyle 2$/$\displaystyle 24$ Q’s new share = $\displaystyle 4$/$\displaystyle 8$ + $\displaystyle 2$/$\displaystyle 24$ = $\displaystyle 14$/$\displaystyle 24$ New profit sharing ratio of P : Q $\displaystyle 10$:$\displaystyle 14$ i.e. $\displaystyle 5$:$\displaystyle 7$