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Q3. Balqees and Zawan were partners sharing the profits and losses of their partnership firm Best traders in the ratio of 5:6. As the duo

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Q3. Balqees and Zawan were partners sharing the profits and losses of their partnership firm "Best traders" in the ratio of 5:6. As the duo were struggling with managing the ever increasing financial needs of their business and hence they decided to admit Hana in their partnership firm. Hana, a rich lady was drawn in to induce funds in the cash strapped business. She agreed to participate in the struggling venture demanding a 5/12 share in profits, which was agreed by Balqees and Zawan You are requested to explain in detail as to how the reconstitution of the firm would take place considering each and every necessary adjustment including calculation wherever applicable

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