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. (200 words)

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): (200 words each)

(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.