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 partner.

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The two circumstances under which Garner Vs Murray Rule can not be applied are 1 Only one partner is solvent 2 All the partners are insolvent The rule ... View the full answer