Assertion: Admission of a partner means reconstitution of the partnership whereby an old partnership ceases to exist and a new partnership comes into existence. Reasoning: When a partner is admitted the number of partners increases and also the profit-sharing ratio changes. However, the firm continues.

Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A. Both Assertion (A) and reasoning (R) are correct and but R is not the correct explanation of A. Assertion (A) is true but Reasoning (R) is not correct. Assertion (A) is not true but Reasoning (R) is correct.

Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A.

Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A. Partnership is an agreement between two or more people for sharing the gains of a trade carried by all or any one of them who is acting for all. Any change in the current agreement is called as reconstitution of the partnership firm.