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Question
Write the word/term or phrase which can substitute the following statement.
Change in the relationship between the partners.
One Word/Term Answer
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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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