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Person whose liabilities are more than his assets and is not in position to pay off his liabilities is _________. - Book Keeping and Accountancy

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Question

Person whose liabilities are more than his assets and is not in position to pay off his liabilities is _________.

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Solution

Person whose liabilities are more than his assets and is not in position to pay off his liabilities is Insolvent person.

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Chapter 7: Bills of Exchange - Exercise 7.1 (Objective Questions) [Page 302]

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Balbharati Book-Keeping and Accountancy [English] Standard 12 Maharashtra State Board
Chapter 7 Bills of Exchange
Exercise 7.1 (Objective Questions) | Q E. 2) | Page 302
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