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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
Indian Partnership Act was passed in the year...............................
In partnership the liability of partners of a firm is unlimited.
Distinguish between Partnership Firm Joint Stock Company
Long answer type question.
Define Joint Stock Company and explain its features.
Write the word. or phrase or tenn which can substitute the following statement~:
The senior most family member of a Joint· Hindu family firm.
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Group 'A'
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Group 'B'
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a. Public Company
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1. Father of Scientific Management
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b. Henry Fayol
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2. Corrective action taking.
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c. Controlling
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3. Commercial bank
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d. Reserve Bank Of India. (R.B.I.)
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4. Withdrawal after fixed period of time.
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e. Fixed deposit account
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5. Maximum 50 members.
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6. Central Bank
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7. Unlimited members
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8. Father of modern management
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9. Taking action against employees
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10. Withdrawal before the fixed period of time.
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Features of Joint Stock Company?
Define Partnership Firm and explain its features
Distinguish between the following.
Joint Hindu Family firm and Partnership
Write short answer of the following.
Define partnership and state its important features.
State Whether the Following Statement Is True Or False (Give Reason).
The liability of the Karta is limited and that of coparceners is unlimited.
Why is partnership considered by some to be a relatively unpopular form of business ownership?
Explain the limitations of partnership.
In which form of organisation is a trade agreement made by one owner binding on the others? Give reasons to support your answer.
The Partnership Act limits the maximum number of partners in a non-banking partnership firm to ______.
