As per the decision in the Garner vs Murray case, when the partner's capital accounts are fixed, any loss arising due to the capital deficiency in the insolvent partner's capital account is to be borne by solvent partners in the ratio of . . . . . . . .

As per the decision in the Garner vs Murray case, when the partner's capital accounts are fixed, any loss arising due to the capital deficiency in the insolvent partner's capital account is to be borne by solvent partners in the ratio of . . . . . . . . Correct Answer last agreed capital ratio

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Read the following statements and give your answer according to the codes given below:
i. Credit on investment is calculated as a part of the final account preparation process
ii. Stock valuation is necessary to determine profit by creating a business account
iii. Working audit is a statutory requirement for auditing a company
iv. Garner vs. Murray case deals with the settlement of accounts in case of bankruptcy of a partner of a partnership firm
Read the following statements and mark your answer:
i. Return on Investment (R.O.I.) is calculated as part of final accounts preparation exercise
ii. Inventory valuation is a must for ascertaining profit by preparation of Trading Account
iii. Operational audit is a statutory requirement for a company auditor
iv. Garner Vs. Murray case relates to settlement of accounts on insolvency of a partner of the firm
Which of the following are the consequences in case of insolvency of partner?
1. The partner adjudicated as insolvent ceases to be a partner.
2. He ceases on the date on which the order of adjudication is made.
3. The firm is dissolved on the date of the order.
4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication.
5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication.
Select the correct answer: