Workbook migration issue

We are in the process of migrating 3.x workbooks to 7.x version. After migrating, we are noticing that some of the workbooks have '#VALUE!' in the cells derived from a formula. This is happening where the underlying queries have blank values for one of the fields. This was working fine in 3.x.

Our BW Backend Version is 701 SP 7, Frontend version is BI 7.X ( based on 7.2 GUI SP 9)

Did anyone run into similar problem?

Your input will be much appreciated and points will be rewarded.

Thanks.