Q2. A partnership is an association of two or more persons who own and manage a business for profit. In the lifetime of this association there may occur many changes in the business, viz., Admission of a new partner, Retirement of a partner, dissolution of partnership and dissolution of the firm itself. In this assignment, you will need to answer following queries after a thorough analysis of partnership business firms. (follow the business brief writing guidelines attached below the assignment)

a) Write a Partnership business brief on the changes that would occur and its effects in a partnership business during its life time.

b) How the adjustments are done among the partners due to changes in the partnership for the following situations (all adjustments need to be covered):

i. When new partner is admitted

ii. When a partner retires or dies

iii. When there is closure of partnership firm

c) You are also required to present the above explanation in concept map view.

_____________________________ BUSINESS BRIEF WRITING GUIDELINES: 1. The phrases not to be used by the student in the assignment are: - I think - I feel - I believe - My opinion is. 2. The phrases that must be used by the student in the assignment are: - The analysis indicates - Study demonstrates - The data reveals - Forecast specifies