Question

what is meant by reconstitution of partnership firms?​

Answer 1

Explanation:

⏩ Any change in the existing agreement is known as reconstitution of the partnership firm. Reconstitution of a partnership firm takes place whenever there is a change in the profit sharing ratio among the partners, admission of a new partner, retirement of a partner and death or insolvency of a partner. ⏪

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Answer 2

Explanation:

ANY CHANGE IN THE EXISTING AGREEMENT IS KNOWN AS RECONSTITUTION OF THE PARTNERSHIP FIRM . RECONSTITUTION OF A PARTNERSHIP FIRM TAKES PLACE WHEN EVER THERE IS A CHANGE IN THE PROFIT SHARING RATIO AMONG THE PARTNERS , ADMISSION OF A NEW PARTNER , RETIREMENT OF A PARTNER AND DEATH OR INSOLVENCY OF A PARTNER .

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