Question :
A firm is reconstituted in the event of:
Option 1:
change in the profit-sharing ratio among the existing partners.
Option 2: admission of a partner or partners.
Option 3: retirement of a partner and death of a partner
Option 4: all of the above
Correct Answer: all of the above
Solution : Answer = all of the above
A firm is reconstituted in various scenarios, including changes in profit-sharing ratios among existing partners, admission of new partners, retirement of partners, and death of partners. In each case, the partnership agreement and financial structure undergo modifications, leading to a reconstitution of the firm. Hence, the correct option is 4.
At the time of retirement of a partner, profit (gain) on revaluation will be credited to the Capital Accounts of
Accumulated losses on the retirement of a partner are
Which of the following statement is correct?
Question : Choose which of the following statements is correct.
Question : In the event of change in profit-sharing ratio, profit and loss (credit balance) existing in the Balance Sheet is transferred to Capital Accounts of partners in their
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