The reconstitution of a partnership firm may take place in the following way:

By introduction of a partner

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By retirement of a partner

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By insolvency of a partner

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All the above

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Solution

The correct option is D All the above
Reconstitution of partnership means any change/ modification in the existing agreement/ structure of partnership. It can mean admission of partner/s or exiting/reducing the number of partner/s.
This change may bring about the change in the profit sharing ratio amongst the partners.

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On the retirement of a partner, the partnership firm will ___

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