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Reconstitution of a partnership firm occurs in all of the following cases EXCEPT
AAdmission of a new partner
BDeath of an existing partner
CChange in profit-sharing ratio among existing partners
DA partner taking a personal holiday for a month
Answer & Solution
Correct answer: D. A partner taking a personal holiday for a month
Reconstitution occurs on admission, retirement, death of a partner, or change in profit-sharing ratio. A temporary holiday does not change the partnership agreement.
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