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Assignment 01 Question 1 (19 marks) Maria and Magda are partners in a firm sharing profit and loss in the ratio of 3:2. They admit Leena as a new partner for 1/10 share of profit which is given by Maria and Magda equally, afterwards they admit Chantel as a new partner for 1/6 share and Maria decides to retain his original share. You are required to: 1. Calculate the new ratio between Maria, Magda and Leena and (8 marks) 2. Then calculate the new ratio between Maria, Magda, Leena and Chantel. (6 marks) 3. Explain what is meant by Partnership" (2 marks) 4. What does profit sharing ratio mean as one of the factors to be considered in the partnership agreement