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Gokul Nath

Gokul Nath

CA Inter

330

19-Feb-20 14:55

31

Adv account. Partnership

Why in this sum deficiency of partner capital of C and D is debited to A and B IN their capital ratio Instead of profit sharing ratio when garner Murray rule not mentioned

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Answers (3)

Suraj Lakhotia

Suraj Lakhotia

Admin

20-Feb-20 06:17

If there is no agreement between the partners, Garner vs Murray rule is applied by default even if the question is silent.

Gokul Nath

Gokul Nath

CA Inter

330

26-Feb-20 18:02

Suraj Lakhotia

Suraj Lakhotia

Admin

20-Feb-20 06:17


If there is no agreement between the partners, Garner vs Murray rule is applied by default even if the question is silent.

If that's the case why not cash is not brought for the loss on realisation

Suraj Lakhotia

Suraj Lakhotia

Admin

26-Feb-20 18:39

You need to bring in cash for realisation loss. (Though generally its a book entry only, but still need to show). The book might be incorrect.