Statement: Lenz’s Law states that:
"The direction of the induced current in a closed conducting loop is such that it always opposes the change in magnetic flux that produced it."
\[ \mathcal{E} = -\frac{d\Phi_B}{dt} \]
Lenz’s Law is not only a fundamental rule of electromagnetism but also a direct consequence of the principle of conservation of energy. It ensures that energy is neither created nor destroyed in the process of electromagnetic induction.

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.