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Answer Posted / koros noah kipkoech, kipnai
In the case the insolvent partner in the partnership, the
liabilities of the insolvent partner shall be borne by the
solvent partners in their capital accounts ratio but not in
their profit and loss sharing ratioo. this ruling was
effected to stop partners from using their profit sharing
ratios to bear the liabilities of the insolvent partner
because profit is not capital in nature, rather than using
capital accounts according to justice Joes- 1903.
| Is This Answer Correct ? | 33 Yes | 14 No |
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