Blog

Khushi, Surekha and Vipasa were partners sharing profits and losses in 3: 2: 1. Khushi retired and, on this day, an unrecorded liability of Rs. 1,50,000 was found in the books. Khushi was of the opinion that since she has retired she should not be debited for her share of the liability. Surekha and Vipasa convinced Khushi that unrecorded liability has to be borne by all of them to which Khushi agreed. What argument must have been put forward by Surekha and Vipasa which convinced Khushi?

SOLUTION

Surekha and Vipasa would have given the argument that unrecorded liability belonged to the period when Khushi was also a partner. As such, she should also bear the loss according to her share.







Leave a Reply