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MUTUAL DEALINGS
A right of set-off is allowed where there have been -(a) Mutual credits, debts or other dealings resulting in pecuniary liabilities,(b) Between the debtor and a creditor in the same right,(c) Prior to the date of the receiving order,(d) Without notice of an available act of bankruptcy.An account is taken as at the date of the order, and the balance paid or claimed by the creditor.
Persons with mutual dealings cannot contract out of the right of set-off given by s.36 ibid though it may be possible for them to agree that their dealings shall not be regarded as mutual. National Westminster Bank Ltd. v Halesowen Presswork and Assemblies Ltd. (1972).
Partners F and G receive an interest allowance of $10,000 and $15,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a net loss
Assume you are receiving an amount of Rs.5000 twice in a year for subsequent five years one time at the starting of the year and another amount of Rs. 5000 at the ending of the yea
The following information is for the third quarter of this year: Planned Actual Production 92,000 units
Q. Explain the Auditing Standards? Auditing Standards - Guidelines to which an AUDITOR adheres. Auditing standards encompassauditor's professional qualities, as well as her or
explain accounting concepts and conventions
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SED Analysis SDE i.e. Scarce, Difficult and Easy analysis estimates the significance of inventory items on the basis of their availability. According to SDE analysis the invent
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