Question

Reconstitution of firm takes place except in case of (a) Admission of partner (b) Retirement of partner (c) Change in profit sharing ratio (d) Insolvency of partner

Answer 1

c) change in profit ratio

umm.....because in rest of the options all the assets and liabilities change. but in change in PSR only the values are altered.

hope it helps ᕙ(☉ਊ☉)ᕗ