Answer Posted / kavitha
this rule says
1. That the solvent partners should bring in cash equal to
their respective shares of the loss on realization
2. That the solvent partners should bear the loss arising
due to the insolvency of a partner in the ratio of their
Last Agreed Capitals
3. that the solvent partner having a debit balance will not
bear the loss arising due to insolvency of a partner
Last Agreed Capital means
1. In case of Fixed Capitals - Fixed Capital (as given in
the Balance Sheet) without any adjustment
2. In case of Fluctuating Capitals - Capital after making
adjustments for past accumulated reserves, profits or
losses, drawings, Interest on capital, Interest on Drawing,
remuneration to a partner etc. to the date of dissolution
but before making adjustment for profit or loss on
realization
| Is This Answer Correct ? | 308 Yes | 44 No |
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