The increase in the value of assets on reconstitution of the partnership firm results in ______.
A. A loss to the existing partners
B. Neither a gain nor a loss to the existing partners
C. A gain to the existing partners
D. None of the above
Answer:C
The increase in the value of assets on reconstitution of the partnership firm results in ______.
A. A loss to the existing partners B. Neither a gain nor a loss to the existing partners C. A gain to the existing partners D. None of the above