A firm has credit balance to be paid to a company. Partners of the firm have deposits given to the company in their individual capacity. Can they request company to adjust the outstanding of the firm to be settld with their deposits?
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Payment of Deposit
Replies (4)
Quick Summary
No, the partners of the firm cannot request the company to adjust the outstanding credit balance of the firm with their individual deposits. The credit balance of the firm and the deposits made by the partners are two separate transactions, and they cannot be set-off against each other without the mutual agreement of both parties.
What if they mutually agree for the same? They will mutually sign a document declaring their consent for mutual adjustment of personal account with firm and company accounts.
Is this admissible and ahreeable under the law?
Do any agreement between parties make and VOIDE transaction done by them enforced in law??
Arrange for an agreement , because the deposits won't fetch you any interest. Adjust the payable with deposits.
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