Changes can occur in partnership when?

i. partnership is dissolved
ii. There is an amalgamation of partnership
iii. There is a change in the profit or loss sharing ratio
Iv. Intangible asset increase

A. I,II and IV
B. I and III
C. I, II and III
D. I, III and IV

Correct Answer:

Option C – I, II and III

Explanation

I II and III: Changes will occur in partnership is dissolved amalgamation and changes in profit or loss sharing ratio