SAJAAD DELIVERED SOME CATTLE TO ASIF FOR FEEDING GRASS IN ASIF’S FARMHOUSE AGAINST SOME PAYMENT. WITHOUT ANY NEGLIGENCE ON ASIF’S PART, SAJAAD CATTLE WAS STOLEN. ASIF DID NOT INFORM THE OWNER OR THE POLICE OR MAKE ANY EFFORT TO RECOVER THE CATTLE BECAUSE HE THOUGHT IT WOULD BE USELESS TO DO SO. WHO IS LIABLE AND WHY? *
Answers
Answer:
calculate the value of goodwil . anita and anaya are parents sharing profit in the ratio of 3:2 they admit ansh into partnership . it was agreed to value goodwill at three years purchase on the basis of weighted average profit for the past 5 year .weighted being assigned to each year were 1,2,3,4,5. the profit of 5 years were ..2016: 50000, 2017: 60000, 2018 : 80000,2019 :40000, 2020: 75000 a abnormal gain of rs 20000 was erned in the year ended 31 march 206 and an d abnormal loss of rs 10000 was incurred in the year ended 31 march 2107
Explanation:
It depends on the level of agreement between Sajaad and Asif. During the exchange of cattle, if both friends had written a document about the temporary transfer of ownership or about any loss in the cattle count, then Asif would be liable for the loss. But if this was just a friendly agreement without any writing then, Sajaad is the real owner and eventually he has to bear the loss of his asset