CUET Preparation Today
| 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. |
