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Chapter 2 – Reconstitution of a Partnership Firm – Admission of a Partner Accountancy Chapter 2 – Reconstitution of a Partnership Firm – Admission of a Partner 1. Reconstitution of a Partnership Firm Reconstitution occurs when there’s a change in the agreement between partners. It involves: The key implication of reconstitution is the ending of … Read more

Chapter 1 – Accounting for Partnership: Basic Concepts Accountancy Chapter 1 – Accounting for Partnership: Basic Concepts 1. Nature of Partnership A partnership is a business structure formed by two or more persons who agree to operate a business together and share its profits and losses. The Indian Partnership Act, 1932, defines it as “the … Read more