Zahra and Zamzam were partners sharing the profits and losses of their partnership firm “ Muscat
traders ” in the ratio of 4:2. As the duo were struggling with managing the ever increasing
financial needs of their business and hence they decided to admit Zulfa in their partnership firm.
Zulfa, a rich lady was drawn in to induce funds in the cash strapped business. She agreed to
participate in the struggling venture demanding a 4/7 share in profits, which was agreed by Zahra
and Zamzam
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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