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No relief to partners for any set - off of claim in INDIAN PARTNERSHIP ACT

For instance, If A and B are partners in a firm and action has been brought against the firm for â?¹100000. If partners have receivables â?¹80000. How does set - off will happen? Practically? Will the third party transact â?¹80000 first and the firm will transact â?¹100000 or the third party transact 79900 rupees and firm will transact 99900 rupees


Deborah Susaiyappan

Deborah Susaiyappan

CA Inter

3K+

22-Sep-20 17:19

69

Answers (4)

Where did the amounts of 79900 etc come from?


Suraj Lakhotia

Suraj Lakhotia

Admin

23-Sep-20 12:09

Suraj Lakhotia Admin

Where did the amounts of 79900 etc come from?

A set off of 100. 80000 - 100= 79900


Thread Starter

Deborah Susaiyappan

Deborah Susaiyappan

CA Inter

3K+

23-Sep-20 12:29

Your question is still not clear. First outsiders will be paid and then the partners.


Suraj Lakhotia

Suraj Lakhotia

Admin

23-Sep-20 17:02

Ok may be my understanding of the concept â?? set - off claimâ?? wrong.


Thread Starter

Deborah Susaiyappan

Deborah Susaiyappan

CA Inter

3K+

23-Sep-20 17:05

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