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Q.3. Razan and Rawan were partners sharing the profits and losses of their partnership firm Maa and Me in the ratio of 5:3. As the
Q.3. Razan and Rawan were partners sharing the profits and losses of their partnership firm Maa and Me" in the ratio of 5:3. As the due were struggling with managing the ever increasing financial needs of their business and hence they decided to admit Rehab in their partnership firm. Rihab, a rich lady was drawn in to induce funds in the cash strapped business. She agreed to participate in the struggling venture demanding a 5/9 share in profits, which was agreed by Razan and Rawan. 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 whrever applicable
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