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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
The partnership means when two or more than two persons are agreed to do business together and share the profits/losses of the business in an equal or already specified ratio. In the case of firm reconstitution, we have Change in Profit-Sharing Ratio Among the Existing Partners as per the deal between the partners.
"Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all"
-Section 4 of the Indian Partnership Act, 1932
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners - Solution", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Academic Subjects.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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