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What is meant by reconstitution of partn...

What is meant by reconstitution of partnership firm ?

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Partnership is the result of agreement and any change in existing agreement brings to an end the existing agreement and a new agreement comes into force. It amounts to reconstitution of the firm.
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Fill in the blanks with appropriate words: (i) If the partners of a firm decided to change their profit -sharing ratio, the gaining partner compensates the sacrificing partner by paying the proportionate amount of _________ (ii) Change in relationship among the partners is ________ of the partnership firm. (iii) Revalution of assets on the reconstitution of partnership is necessary because their present value may be different from their_________ (iv) A change in profit -sharing ratio among the existing partners results in _________ of the partnership firm. (v) Revalution Account is a _________ Account. (vi) Workmen Compensation Reserve is a reserve created out of profit to meet the _________. (vii) The ratio in which all the partners share future profits and losses is known as_________

(i) If the partners of a firm decide to change their profit - sharing ratio , the gaining partner compensates the sacrificing partner by paying the proportionate amount of _________. (ii) Change in relationship among the partners is __________ of the partnership firm. (iii) Revaluation of assets on the reconstitution of partnership is necessary because their present value may be different from their ________ . (iv) A change in profit- sharing ration among the existing partners result in _________ of the partnership firm . (v) Revaluation Account is a ________ Account. (vi) Workmen Compensation Reserve is a reserve created out of profit to meet the_____________. (vii) The ration in which all the parners share future profits and losses is known as__________.

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