GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The death of a partner
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The retirement of a partner
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The admission of a new partner
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All of the above
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Detailed explanation-1: -Explanation: the changes in the incoming that is addition of new partner, or the outgoing of partners is to be intimated to the Registrar of firms within 90 days of such changes. A new Partnership Deed is required to be Drafted stating the changes in the constitution of the Firm.
Detailed explanation-2: -Change in the firm When there is a change in the constitution of the firm i.e. if a partner retires or a new partner is added, the mutual rights and duties will remain the same as they were before the change.
Detailed explanation-3: -The change may be: Addition of capital in partnership. Reduction in the capital of partnership. Change in ratio of capital introduced by the Partner(s).
Detailed explanation-4: -A partnership deed acts as the spine of the partnership firm. It can be modified and altered at any time according to the business requirements or partners willingness. The most essential element to bring change in partnership deed is to obtain the consent of partners in form of their signature on the deed.