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Journal Entries $type=three$count=6$author=hide$comment=hide$label=hide$date=hide$show=home$s=0
Balance Sheet $type=three$count=6$author=hide$comment=hide$label=hide$date=hide$show=home$s=0
When a partner's capital account shows debit balance , it means that partner is insolvent . In other words he is unable to pay his loan . This is extra loss which must be tolerated by other partners . Why ? Because the whole liabilities of partnership firm is unlimited . Now one question is arised that in which proportion or ratio , the rest partners divide this extra loss or deficiency of firm . Before the decision of Garner V/s Murray case , this extra loss deems as normal loss and it is distributed rest partners in their profit and loss sharing ratio
Decision in Garner V/S Murray Case :-
In this case , the judges decided that in the absence of any anti- agreement , insolvent partner's deficiency will be distribute in capital ratio in rest partners after bringing cash equal to their loss on the realisation .
Result of above decision :-
1) Solvent partner will bring his loss from realisation in cash form.
2) Insolvent partner's capital account's deficiency will distribute in solvent partners in their capital ratio
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- access
- account
- accountant
- Accounting
- accounting definitions
- accounting ebook
- Accounting education
- Accounting Education Ads Help
- accounting procedure
- accounting process outsourcing
- Accounting Software
- advance
- advertising
- africa
- Amalgamation
- amendments
- Amortization
- announcements
- Annuity
- assets
- audit
- auditing
- Australia
- B.Com.
- balance sheet
- bank
- Bank reconciliation
- banking
- basic accounting
- BBA
- benefits
- best
- bill
- black money
- blog
- bloggers
- book keeping
- bookkeeping
- Branch Accounting - full tutorial
- budget
- Budget variance
- business
- businessman
- CA
- calculator
- canada
- capital
- capital budgeting
- career
- cash
- cash book
- cash flow statement
- Chiense
- children
- china
- class
- coaching
- coins
- college
- commerce
- commerce students
- company
- computer
- computer accounting
- conference
- Contact vinod kumar
- Control Your Spending
- corporate accounting
- cost
- cost accounting
- cost center
- cost centre
- CPA
- credit
- credit card
- cs
- currency
- data
- Debit and credit
- debit cards
- debt
- debtor
- degree
- depletion
- depreciation
- Diwali Messages
- documents
- dollar
- domain
- Downloads
- Dubai
- e-accounting
- earning
- education
- Education Loans
- employee
- EPF
- ERP
- euromoney
- examination
- excel
- excise duty
- expenses
- factor of loan
- fans
- feature
- fifo
- FII
- fiji
- finacle
- finance
- Finance Journal Entries
- Financial
- financial accounting
- Financial Statements
- fire insurance
- flickr
- flow
- forensic
- forex
- formula
- france
- fraud
- free
- fun
- function
- fund
- GAAP
- GDP
- gdr
- germany
- gold
- goodwill
- goodwill accounting
- google apps
- google apps
- google base
- google buzz
- google calendar
- Google docs
- google finance
- google fusion tables
- google talk
- govt.
- GST
- guide
- health
- Hindi
- Hindi Language
- history
- holding company
- How to treat FBT in Tally 9
- HRA
- ICAI
- ICAWI
- ICICI Bank
- IFRS
- income
- income statement
- Income Tax
- India
- indian railway
- Indonesia
- inflation
- inflation accounting
- infographics
- information
- inspiration
- insurance
- insurance accounting
- Intangible
- interest
- international
- Internet
- Introduction of Tally 9
- inventory
- investment
- investment in Shares
- invoice
- IT
- Japan
- Job costing
- journal entries
- Journal Entries eBook Help
- Kalculate
- keyboard
- kuwait
- laptop
- law
- LBT
- learning
- lease
- lecture
- ledger
- leducation
- Leverage Analysis
- liabilities
- lifo
- loan
- logical point
- loss
- loss of profit
- M.Com.
- m.phil
- malaysia
- management accounting
- manual accounting
- manufacturing account
- market
- marketing
- mastercard
- material
- MBA
- MCA
- media
- migration
- mobile
- money
- ms word
- ms. excel
- multi currency in tally 9
- Multicurrency Accounting
- mutual fund
- national security
- new and sacrifice ratio
- new york times
- new zealand
- news
- NGO
- nonprofit-accounting
- North Georgia Mountains
- Notification
- NPV
- NSE
- odbc
- office
- oman
- online application
- online accounting
- Online Accounting Course
- otcei
- pakistan
- parents
- Partnership
- pay pal
- Personal Finance
- pie chart
- pie chart of income
- pnb
- podcast
- ppf
- presentation
- price
- privacy policy
- prof. vinod kumar
- profit
- profit and loss account
- project management
- provision
- purchase
- puzzles
- quickbooks
- Quote
- quotes
- quotes of svtuition
- rating agency
- ratio analysis
- RBI
- readers
- real estate
- rectification of errors
- remote control
- reports
- reserves
- responsibility accounting
- retirement
- revenue
- Revenue reserves
- review
- risk
- rupees
- salary
- sale
- SAP
- saudi arabia
- saving
- sbi
- scholarship
- school
- SEBI
- security
- service tax
- share
- share trading
- Shares
- shri lanka
- singapore
- sms
- social accounting
- society
- solution
- South Africa
- stock
- stock exchange
- structure
- student
- students
- study
- subsidiary company
- svtuition
- swiss bank
- tally
- tally 9
- Tally 7.2
- Tally 9
- Tally.ERP 9
- TallyPrime
- tanzania
- tax
- Tax Accounting
- TDS
- teacher
- teaching
- technology
- test
- testimonial
- testimonials
- thailand
- tips
- trading
- trading on equity
- transaction
- trend
- trial balance
- truthfulness
- tuition
- UAE
- UGC - NET Commerce
- UK
- United Arab Emirates
- university
- usa
- valuation
- VAT
- Video
- Voucher and vouching
- Wealth
- wikipedia
- working capital
- youtube
Dissolution of partnership firm
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