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This question belongs to Commerce Accounting

Accounting

?

Which one of the following statements is not true as per the rule laid down in Garner Vs. Murray:

A) The solvent partners should bring in cash their share of loss on realisation B) The loss on account of insolvency of a partner should then be borne by the solvent partners in the ratio of their capitals, after bringing in cash such loss on realisation C) A solvent partner having debit balance in his capital account just before the dissolution will not be required to bear the loss on account of insolvency of a partner D) A solvent partner having debit balance in his capital account, just before dissolution should bring in sufficient cash to raise his capital to his profit ratio

Answer & Solution

Correct Answer: Option D

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