Question : At the time of reconstitution of a partnership firm, recording of an unrecorded liability will lead to: 

Option 1: Gain to the existing partners 

Option 2: Loss to the existing partners 

Option 3: Neither gain nor loss to the existing partners 

Option 4: None of the above 

Question : The dissolution of partnership between all the partners of a firm is called:

Option 1: Reconstitution of partnership firm

Option 2: Dissolution of partnership

Option 3: Dissolution of partnership firm

Option 4: Any of the above

Question : Change in the existing agreement between the partners is called

Option 1: Dissolution of Firm

Option 2: Reconstitution of Partnership

Option 3: Dissolution of Business

Option 4: None of the Above

Question : Any change in the relationship of existing partners which results in an end of the existing agreement and enforce a new agreement is called 

Option 1: Revaluation of partnership

Option 2: Reconstitution of partnership

Option 3: Realization of partnership 

Option 4: Dissolution of firm 

Question : Choose which of the following statements is correct.

Option 1: Change in the profit-sharing ratio among the existing partners results in reconstitution of the firm.

Option 2: Change in Profit-sharing Ratio leads to dissolution of partnership and not of the firm.

Option 3: Both 1 and 2

Option 4: None of the above