circumstances in dissolution of solvent and insolvent partner in garner v/s murray rule
Answer / shweta
When a partner’s capital account shows a debit balance on dissolution of the firm, he has to pay the debit balance to the firm to settle his account. If the partner becomes insolvent, he is unable to pay back the amount owed by him to the firm in full. The amount not paid is a loss to the firm which under the Garner vs Murray Rule is to be borne by the solvent partners
Is This Answer Correct ? | 0 Yes | 0 No |
Raman site engineer joined on 1-1-2009 in the company with an agreed salary of Rs 20000/-. On the joining date he was given advance of Rs 50000/-agreeing for adeduction of Rs 7500/- for month from salary. Pass salary entry till March,and let me know the advance balance as on 1st April
what is Reconciliation-NOSTRO,VOSTRO?
13 Answers ABC, ANZ, UBS,
what is the work of cost accountant?
EXPAND___________MMTS
what is the finallizition account
WHAT IS THE MEANING OF CREDIT WORTHINESS?
7 Answers Capital IQ, Finance,
proposed devidend is approved by .... options are: A.BOD B.share holder C.SEBI D.general body meeting
how do you prepare the mis reports and prepare the one example report stating your accounts department proforma
what is liquidity crunch?
expand D I N
what is meaning NPA?
How Frequently shall a company file the service tax returns and how frequently shall a company pay the service tax to the Government ?