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Introduction to Dissolution

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Question

Write the word/term or phrase which can substitute each of the following statement.

Change in the relationship between the partners.

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Solution

Reconstitution of a partnership

Explanation: Change in the relationship between the partners is regarded as reconstitution of a partnership firm. The reconstitution of partnership firm is said to occur when there exists a change in profit sharing ratio at the time of admission, retirement or death of a partner.

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