There are two equal partners in an ongoing partnership firm. The partners start business with equal capital. In due course of time one partner withdraws more capital from the firm's account. As a result his capital is now in negative. He has siphoned all of the working capital from the firm. The firm is now facing financial crisis as regards to supplier's dues, worker's salaries and other statutory due. An Arbitration clause is provided in the partnership deed with a named Arbitrator.
What are the remedies to tackle such an issue. Is dissolution of the firm the only option left?
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Hi Experts, Need 1 clarification, i am asking query with help of an example so plz help me getting the right answer. A mobile company is selling a mobile at 60000 and suppose the cost of mobile is 45000 and cost of charger and lead is 1000. Whether COGS will be 45000 or 46000 ? as per me it Should be 46000. if possible plz share some details with answers. want to know the concept of sale of multiple items, if any one is doing it practically,then plz share ur experience. regards Sumit
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Withdrawal of excess capital in a partnership firm