Yes, Israel did accept the partition plan in 1947, but unfortunately for the Arabs they did not. This made it invalid as both parties did not agree. In any case, it was never a binding resolution, and it was then abolished by UN Resolution 186 in May 1948. If only the Arabs had accepted it in 1947... things would been so different... why did they have to be so intransigent? Sadly, we can't turn back the clock. See the UN source document at http://tinyurl.com/unr181. Also, since Jordan illegally annexed the West Bank in the early 50s, Israel actually has a better legal title to it than anyone else as they won it in a defensive war in 1967.
Palestinian wounded in clashes with Israeli forces two days ago succumbs to wounds (Haaretz)