Question

Which of the following are the modes of Reconstitution for a firm?

• A. Admission of a partner
• B. Retirement of a Partner
• C. Death of a Partner
• D. All of the above

Answer 1

Answer: (D)

All of the above

Any change in existing agreements amounts to reconstitution of partnership firm by way of admission of a partner retirement or death of a partner where the form undergoes change in profit sharing ratio revaluation of assets liabilities and Goodwill together with capital composition such process is called Reconstitution of Partnership Firm.