Reason 1. When firm is reconstituted then assets and liabilities are revalued and at the time of dissolution assets are realised and liabilities are paid off. 2. Depreciation is charged only on fixed tangible assets every year 3. When a partner became insolvent then garnar vs. Murray rule is applied

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Asked by Sameer20 Jun 2024338 views

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Rama · 20 Jun 2024
Reason 1. When firm is reconstituted then assets and liabilities are revalued and at the time of dissolution assets are realised and liabilities are paid off. 2. Depreciation is charged only on fixed tangible assets every year 3. When a partner became insolvent then garnar vs. Murray rule is applied
Rama · 20 Jun 2024
1. False 2. False 3. True

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