Mr.Divakar who owed us 50000 became insolvent and paid only 40% of this amount. What is the term used for the amount not received?
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In this situation Mr. Nath is the debtor of the business and he has become insolvent which means that he is bankrupt and unable to pay all his liabilities. In this case out of debt of 50,000 he can pay only 40 % which means he can pay only 20,000 and remaining 30,000 which he cannot pay is called bad debt
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In this situation Mr. Math is the debtor of the business and he has become insolvent which means that he is bankrupt and unable to pay all his liabilities.
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