Hi sgquitter,
Thnks for asking. I would like to extract from the debate of King
Milinda. Hope this will answer ur question. 
Is the Same Person
Reborn?
King : He who is reborn, Nagasena, is he the same
person or another?
Nâgasena :Neither the same
nor another.
King: Give me an
illustration.
Nâgasena: In the case of a pot of milk that turns
first to curds, then to butter, then to ghee; it would not be right
to say that the ghee, butter and curds were the same as the milk,
but they have come from
that so neither would it be right to say that they are something
else.
What is
Reborn?
king : What is it, Nagasena;gasena, that is
reborn?
Nag: Mind and
matter.
king : Is it this very mind and matter that is
reborn?
Nag: No, it is not,
but by this mind and matter deeds are done and because of those
deeds another mind and matter is reborn; but that mind and matter
is not thereby released from the results of its previous
deeds.
king: Give me an illustration.
Nag: It is like a fire
that a man might kindle and, having warmed himself, he might leave
it burning and go away. Then if that fire were to set light to
another mans field and the owner were to seize him and accuse him
before the king, and he were to say, Your majesty, I did not set
this mans field on fire. The fire that I left burning was
different to that which burnt his field. I am not guilty. Would he
deserve punishment?
king: Indeed, yes, because whatever he might say
the latter fire resulted from the former one.
Nag: Just so, O
king, by this mind and matter deeds are done and because of those
deeds another mind and matter is reborn; but that mind and matter
is not thereby released from the results of its previous
deeds.