Social Sciences, asked by biology4685, 10 months ago

Difference between garner vs murray rule and indian partnership act

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Answered by KameenaYaar01

The Garner vs. Murray rule is applicable in case of dissolution of Firm; The rule says that the loss on account of insolvency of a partner is a CAPITAL loss which should be borne by the solvent partners in the ratio of their capitals standing in the balance sheet on the date of dissolution of the firm.

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