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What is reconsitition of partnership

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What is reconsitition of partnership

    • Posted by Yash Mehra 6 years, 8 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Yogita Ingle 6 years, 8 months ago

    Any change in agreement of partnership or profit sharing ratio is called reconstitution of partnership firm.
    In following circumstances a partnership firm may be reconstituted:

    1. Change in Profit Sharing Ratio

    2. Admission of a partner

    3. Retirement/Death of a partner.

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