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प्रश्न
The business assets of an organisation amount to Rs. 50,000 but the debts that remain unpaid are Rs. 80,000. What course of action can the creditors take if
(a) The organisation is a sole proprietorship firm
(b) The organisation is a partnership firm with Anthony and Akbar as partners. Which of the two partners can the creditors approach for repayment of debt? Explain giving reasons
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उत्तर
(a) In case of a sole proprietorship the creditors can claim the personal property of the proprietor. This is because the proprietor has unlimited liability.
(b) The creditors can approach either Akbar or Anthony. Both of them would have the liability to pay according to their profit sharing ratio. Moreover, in case one of them becomes insolvent the creditors can approach the other partner.
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संबंधित प्रश्न
In partnership the liability of partners of a firm is unlimited.
Define 'partnership firm'. Explain its merits and demerits.
A Joint Stock Company can raise huge capital.
Distinguish between Partnership Firm Joint Stock Company
Long answer type question.
Define Joint Stock Company and explain its features.
Define Partnership Firm and explain its features
Distinguish between the following.
Joint Hindu Family firm and Partnership
State with reasons whether the following statement true or false.
In a partnership the liability of every partner of a firm is unlimited.
Write short answer of the following.
Define partnership and state its important features.
Feature of Partnership Firm?
State Whether the Following Statement Are True Or False (Give Reason).
A partnership agreement cen be verbal or written.
State Whether the Following Statement Are True Or False (Give Reason)
The liability of partners is limited.
State Whether the Following Statement Is True Or False (Give Reason).
The liability of the Karta is limited and that of coparceners is unlimited.
Explain the merits of partnership.
Explain the limitations of partnership.
The Partnership Act limits the maximum number of partners in a non-banking partnership firm to ______.
