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Answer Posted / arpit gupta
In 1930,3 persons started business in britain there names
were GARNER,MURRAY & WILKINS they share profit & loss
equally.On 30 June,1900 Wilkins become insolvent and
Only 100 pond could be realised from his private estate
and the firm is facing loss of 898 pond including wilkins
drawing of 263 pond which is born by Garner &
murray.But,they disagree with the distribution of
loss.So,they file in the court.
In 1903, chief justice
Mr.JOES gave an important decision in this case that
decision is known as GARNER V/S MURRAY RULE.The decision
was as follow:-
The rule that emerged from the Garner vs
Murray case is applied to adjust the loss, if any, due to
insolvency. This rule states that the loss due to
insolvency of a partner is to be charged to the other
solvent partners who have a credit balance in their
accounts in the ratio of capitals just before
dissolution.and 2nd the solvent partner bring realisation
loss in cash.
| Is This Answer Correct ? | 6 Yes | 3 No |
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