Reconstitution of a partnership firm occurs when there is a change in the partnership structure, which may involve changes in the partners, profit-sharing ratios, or other significant changes in the partnership agreement. Let’s analyze each situation to see if it leads to reconstitution:
All of the situations (A), (B), (C), and (D) lead to the reconstitution of a partnership firm.
Thus, the correct answer is (C): (A), (B), (C) and (D).
In the context of a partnership firm, reconstitution refers to any significant change in the partnership agreement, which leads to an alteration in the relationship among the partners. Let's examine each given situation:
For each of these cases, the partnership's composition and terms are altered, signaling a reconstitution.
Therefore, the correct answer is: (A), (B), (C) and (D)
Prepare a Common Size Statement of Profit and Loss of Laveena Ltd. for the year ended 31st March, 2023 and 31st March, 2024 from the following information:
Particulars | 2023--24 (₹) | 2022--23 (₹) |
---|---|---|
Revenue from operations | ₹80,00,000 | ₹40,00,000 |
Purchase of stock in trade | ₹8,00,000 | ₹4,00,000 |
Other expenses | ₹80,000 | ₹40,000 |
Tax Rate: $50%$