Q.4. If a partner gets less the his
previous share in the reconstituted
firm his capital account will be -
Answers
Answer:
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Page No 107:
Question 1.A1:
Objective Type Questions :
Answer in one sentence only.
What is meant by Reconstitution of partnership ?
ANSWER:
Reconstitution of partnership refers to a change in the existing relationship of partners due to a change in the existing agreement between them. It may be due to the change in profit sharing ratio, on the eve of admission of a new partner, retirement or death of an existing partner.