Solve question A and B

2. "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, death of partner 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