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What is Meant by ‘Reconstitution of a Partnership Firm’ - Accountancy

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What is meant by ‘Reconstitution of a partnership firm’

Give the meaning of 'Reconstitution of a partnership firm'?

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Solution

When there is a change in the existing partnership agreement which causes the termination of the agreement and a new partnership agreement comes into form it is called as ‘Reconstitution of a partnership firm’.

Concept: Accounting for Partnership Firms - Reconstitution and Dissolution
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