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question_answer1) Directions: Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R).Give answer: Assertion (A): Change in profit sharing ratio of the existing partner results in the reconstitution of the partnership firm. Reason (R): Change in profit sharing ratio does not change the relationship among existing partners.
question_answer2) Directions: Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): Change in profit sharing ratio among partners increases the conbined shares of partners. Reason (R): Partners whose profit shares have decreased as a result of change in profit sharing ratio are known as sacrificing partners.
question_answer3) Directions: Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): Partners whose profit shares have increased as a result of change in profit sharing ratio are known as gaining partner. Reason (R): Old profit share of a partner if deducted from his new profit share is gained profit share.
question_answer4) Directions: Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): It is necessary to adjust goodwill at the time of change in profit sharing ratio. Reason (R): At the time of change in profit sharing ratio, gaining partner compensate sacrificing partner by paying him goodwill.
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