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Answer Posted / peter mg agbo
Should the capital account of any partner be in debit after
being credited with his own share of profit or loss on
realization, such a partner is said to have a deficit. The
rule laid down in Garner Vs Murray stated that it may
happen that a deficient partner by reason of insolvency or
bankruptcy is unable to pay all or parts of his deficit.
The following should be applied.
1. The deficiency will be borne by the remaining
solvent partner in the agreed ratio if the partners had
reached an agreement on this point.
2. Where there is no agreement on this point, the
deficiency shall be borne by the solvent partners in the
ratio of their last agreed capital.
This is the rule laid down in the decision in the case
GARNER VS MURRAY (1904)
| Is This Answer Correct ? | 15 Yes | 6 No |
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