Reconstitution of Partnership means: A. Change in Profit sharing Rati…

The correct answer is Option (3) → A, C, D and E only

Reconstitution means the existing agreement among the partners ends and a new one comes into being, while the firm itself continues.

(A) Change in Profit sharing Ratio among existing partners — True. A new ratio means a new agreement among the same partners.

(B) Dissolution of Partnership firm — False. On dissolution of the firm the relationship among all partners ends and the business is wound up; nothing is reconstituted.

(C) Retirement of Partner — True. The remaining partners carry on under a new agreement.

(D) Admission of Partner — True. A new partner joins under a new agreement.

(E) Death of Partner — True. The surviving partners may continue the firm under a new agreement.