Question

What is the Reconstituted Firm???​

Answer 1

When a new partner is admitted a new agreement is formed and thus the firm is reconstituted.

Reconstruction of a partnership firm refers to any change in the existing partnership or in the agreement between the existing partners. It results at the end of the existing partnership and a new partnership comes into existence with changed terms and conditions and the profit sharing Ratio of the partners

Answer 2

Step-by-step explanation:

When a new partner is admitted a new agreement is formed and thus the firm is reconstituted.