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What is meant by reconstitution of partnership firm?

Post category:Accountancy
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SOLUTION

Partnership is the result of agreement and any change in existing agreement brings to an end the existing agreement and a new agreement comes into force. It amounts to reconstitution of the firm.

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Previous PostMohit, Shobhit and Rohit are partners sharing profits and losses in the ratio 2: 1: 1. Rohit is guaranteed n profit of Rs. 14,000. The firm earned a profit of Rs. 20,000 during the year. Calculate the amount of deficiency borne by Mohit and Shobhit. (C.B.S.E. 2020; Punjab)

Next PostState any three circumstances other than:-(i) admission of a new partner; (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.

A, B, C and D are in partnership sharing profits and losses in the ratio of 36 : 24 : 20 : 20 respectively. E joins the partnership for 20% share and A, B, C and D in future would share profits among themselves as 3/10 : 4/10 : 2/10 : 1/10. Calculate new profit-sharing ratio after E’s admission .

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A, B, C and D are in partnership sharing profits and losses in the ratio of 36 : 24 : 20 : 20 respectively. E joins the partnership for 20% share and A, B, C and D in future would share profits among themselves as 3/10 : 4/10 : 2/10 : 1/10. Calculate new profit-sharing ratio after E’s admission .

From the following information, calculate Working Capital Turnover Ratio:

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