Start learning 50% faster. Sign in now
Garner vs. Murray is an English case from 1904. This case came to one of the most revered case in the history of partnership businesses and the decisions given by Mr. Justice Joyee are still used in the present day as a rule to deal with similar situations. It was also adopted into the Indian Partnership Act, 1932. It was held that the solvent partners are only liable to make good their share of deficiency, and that the remaining assets should be divided among them in the proportion of their capitals. Section 48 of Indian Partnership Act 1932 is similar to the Section 44 of the Partnership Act in Great Britain and further there has been no case law in India to deal with such situations. So, in India these are applicability with respect to following considerations: • Garner vs. Murray is applicable only when there is no agreement between the partners for sharing the deficiency in capital account of insolvent partner. • Realisation loss should be divided in the profit sharing ratio in the usual manner. • The solvent partners should bring in cash to make good the loss on realization. • Final debit balance of insolvent partner should be distributed amongst the solvent partners in proportion in their last agreed capital. • A solvent partner having debit balance in capital account will not share any loss due to insolvency of a partner.
A cone has a height of 28 cm. A sphere is melted to form this cone. If the radius of the sphere is 7 cm, find the radius of the base of the cone.
The volume of a rectangular tank is 1680 m³, and the ratio of its length, width, and height is 7:6:5, respectively. What is the length of the rectangul...
The sum of the radius and height of a cylinder is 19m. The total surface area of the cylinder is 1,672 m². What is the volume of the cylinder?
On a rectangular wall of length 22 metres and height 19 metres, there is a window in the shape of triangle surmounted on a square. If the base of triang...
Curved surface area of cylinder is 1617 cm2. If ratio of radius to height of the cylinder is 25:21 respectively, then find the base area of t...
The circumference of a circle is equal to the perimeter of a rectangle whose length and breadth are in ratio 7:5, respectively. If the area of the recta...
A right circular cylinder having total surface area of 44352 cm2 is immersed in a vessel completely filled with water. If the height of the c...
If you divide a 24.6 m long wire in the ratio 12: 29, what will be the length of the longer piece?
The length of a rectangle is 15 cm more than its width. If the area of the rectangle is 240 cm², what is the perimeter of the rectangle?