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The deed says deficiency of an insolvent partner will be borne by remaining partners in capital ratio. Which normal rule can this modify?

Answer and explanation

Correct answer: Rule like Garner versus Murray ratio

The deed may fix a special ratio for bearing deficiency. In that case the written clause is more important than the general rule.

Related tags

InsolvencyDeficiencyPartnership DeedPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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