Assertion: A new partner can be admitted to the firm if majority of the partners agree.
Reasoning: A new partner can be admitted only when the existing partners unanimously agree to it.
Reasoning: A new partner can be admitted only when the existing partners unanimously agree to it.
Answer & explanation
Correct answer: option 4
According to the provisions of Partnership Act 1932 unless it is otherwise provided in the partnership deed a new partner can be admitted only when the existing partners unanimously agree for it.