The business assets of an organisation amount to 50000

Asked by admin @ 16/08/2021 in Business Studies viewed by 309 People

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

Answered by admin @ 16/08/2021

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.

In sole proprietorship the whole profit of the business enjoyed by the sole trader alone and if there be any loss, he must bear the whole of it. He owns all and risks all.

(b) The organisation is a partnership firm with Anthony and Akbar as partners. Creditors can approach any one of them or both of the partner for repayment of debt.

Every partner is liable jointly with all other partners and also severally, for all acts of firm done while he is a partner. A creditor is entitled to recover his loan even from the personal assets of the partners.

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