Economics · Partnership Accounts
A, B and C are partners in a firm. If D is admitted as a new partner, what will be its effect?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The firm will lose its legal existence
- 2The old partnership is reconstituted✓
- 3Both the old firm and old partnership are dissolved
- 4The old firm is dissolved
Correct answer
The old partnership is reconstituted
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