P, Q and R are partners in a firm. If S

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Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Admission of a Partner

Question:

P, Q and R are partners in a firm. If S is admitted as a new partner then:

Options:

The old firm and old partnership are dissolved

The old firm is dissolved

The old partnership is reconstituted

The old partnership firm is dissolved

Correct Answer:

The old partnership is reconstituted

Explanation:

The correct answer is Option (3) → The old partnership is reconstituted