Question

State the two circumstances under which Rule of Gamer vs. Murray can not be applied. State the basic presumption in Maximum Loss Method and Proportionate Capital Method of Piecemeal Distribution among the partners. When is it equitable to distribute cash among the partners in their profit sharing ratio without following Maximum Loss Method /Proportionate Capital Method of Piecemeal Distribution among the partners​

Answer 1

Answer:

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Answer 2

Answer:

According to Garner vs. Murray rule, if the accomplice turns bankrupt, he cannot pay the returned quantity because him.

Explanation:

According to Garner vs. Murray rule, if the accomplice turns bankrupt, he cannot pay the returned quantity because him. The quantity now no longer paid is a capital loss that needs to be borne with the aid of using the solvent accomplice withinside the ratio in the status of their capital withinside the stability sheet at the date of dissolution of the firm. This rule is relevant whilst one accomplice is bankrupt then a different accomplice can convey the cash. But if simplest one accomplice is solvent or all companions are bankrupt then there may be nobody to convey the cash. Therefore, this rule isn't always relevant. Also, if the partnership certificate specifies a way to follow, the simplest approach may be followed.

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