MyQuestionIcon

3

You visited us 3 times! Enjoying our articles? Unlock Full Access!

Introduction to Dissolution

A person who ...

Question

A person who is unable to pay his debts, is called_______.

A

insolvent

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

B

solvent

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

well to do

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

poor

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C insolvent
A person or firm whose liabilities exceed the value of owned assets is termed as insolvent. It is the inabilities of the company or person to pay liabilities as they become due.

Suggest Corrections

thumbs-up

0

Similar questions

Q. What do we call a person who is unable to pay his/her debt?

A firm is unable to pay debts when ___________

Q. The condition wherein a person who is willing and able to work is unable to find a suitable job is called?

Q. The situation wherein a person who is able and willing to work is unable to find a suitable job is called?

Q. Solve :
X contracts to pay a sum of money to Y on a day specified. X does not pay the money on that day. Y in consequence of not receiving the money on that day, is unable to pay his debt and is totally ruined. Discuss the legal position.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Dissolution of Partnership Vs Firm

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Introduction to Dissolution

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon