The business assets of an organisation amount to 50,000 but the debts that remain unpaid
are 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 partner? Which of the two Partners Can the creditor approach for payment of debt?
Explain giving reason .
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Answer: (a) The course of action the creditors can take if the organisation is a sole proprietorship firm that creditors will approach to the Proprietor and if he fails to pay the remaining debt, they can arrange it from his personal assets.
Explanation:
amount to Rs.50,000 ...
1 answer
... debts that remain unpaid are 80000. What course of action can the creditors take if :(a) The organisation is a sole proprietorship firm? (b) ...
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(a) They can claim over the personal property of sole proprietor as his liability is unlimited. (b) Creditors can approach both Anthony and Akbar
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