
As a conducting loop enters or exits a magnetic field \( \vec{B} \), the magnetic flux through the loop changes, inducing an emf according to **Faraday’s Law of Induction**.
Faraday's law is expressed as:
\[ \mathcal{E} = - \frac{d\Phi_B}{dt} = B \cdot \frac{dA}{dt} \]
The direction of the induced current is determined by **Lenz’s Law**, which states that the induced current will oppose the change in flux.
The induced emf is calculated based on the change in magnetic flux due to the motion of the loop through the magnetic field. The direction of the induced current depends on whether the loop is entering or exiting the magnetic field, as determined by Lenz’s Law.

Bittu and Chintu were partners in a firm sharing profit and losses in the ratio of 4 : 3. Their Balance Sheet as at 31st March, 2024 was as follows:
On 1st April, 2024, Diya was admitted in the firm for \( \frac{1}{7} \)th share in the profits on the following terms:
Prepare Revaluation Account and Partners' Capital Accounts.