Reema and Seema share profits in the ratio 3:5. Neema is admitted for a \(\frac{1}{8}\) share of the total profit. If Reema’s new share is \(\frac{1}{3}\), what will be Seema’s new share?

Correct answer: \(\frac{13}{24}\)

Take the total profit as 1. Reema’s and Neema’s new shares are \(\frac{1}{3}\) and \(\frac{1}{8}\), respectively. Therefore, Seema’s new share is \(1-\frac{1}{3}-\frac{1}{8}=\frac{24-8-3}{24}=\frac{13}{24}\). \(\frac{5}{8}\) may relate to the old arrangement, but the new shares must add up to 1. Exam tip: After admission of a partner, verify that all the new profit shares together equal the whole profit.