# CBSE Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm â€“Admission of a Partner

## What is Reconstitution of a Partnership Firm?

Partnership is an agreement between two or more people for sharing the gains of a trade carried by all or any one of them who is acting for all. Any change in the current agreement is called as reconstitution of the partnership firm.

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 Multiple Choice Questions Q.1-Sacrificing Ratio is calculated as : a. New Ratio â€“ Old Ratio b. Old Ratio â€“ Gaining Ratio c. Old Ratio â€“ New Ratio d. Gaining Ratio â€“ Old Ratio Q.2-New partner may acquire his share from old partners through any of the ways: a. In old profit-sharing ratio b. In a particular ratio c. In a surrendered ratio d. All of the above Q.3- It is necessary to determine ______ during the Admission of a new partner. a. Gaining ratio b. Sacrificing ratio c. New profit sharing ratio d. Both (b) & (c)