Question 4: (a) State the two circumstances under which Rule of Garner vs. Murray can not be applied. State the basic presumption in ...( DU SOL Financial Accounting Exam)

QUESTION 4  (a) State the two circumstances under which Rule of Garner vs. Murray can not be applied. State the basic presumption in 

Maximum Loss Method and Proportionate Capital Method of Piecemeal Distribution among the partners. When is it equitable to distribute cash among the partners in their profit sharing ratio without following Maximum Loss Method /Proportionate Capital Method of Piecemeal Distribution among the partners ? 

4(b) Following is the Balance Sheet of X, Y and Z who were sharing in the ratio of 2:3:5 as at 31st March, 2020, when they 

decided to dissolve the firm: Table#

Answer: 

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