The concept of ‘reconstitution of partnership’ implies:
a. Dissolution of partnership.
b. Valuation of goodwill.
c. Dissolution of a partnership firm.
d. All of the above. (1)
Answers
Answer:
Dissolution of partnership firm is a process in which relationship between partners of firm is dissolved or terminated. If a relationship between all the partners of firm is dissolved then it is known as dissolution of firm. In case of dissolution of partnership of firm, the firm ceases to exist. This process includes the discarding and disposing of all the assets of firm or and settlements of accounts, assets, and liabilities. Learn more about Dissolution of partnership firm, legal provisions, and settlement of accounts
Explanation:
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The partnership is an agreement between two or more persons for sharing the profits of a business carried on by all or any one of them acting for all. Any change in the existing agreement is known as reconstitution of the partnership firm.