Hi guys. This might be a simple problem for you but at themoment I canít get my head a round it. I tried using the problem solving process re sticky thread to no avail. Would greatly appreciate your input.
Three parties have 1/3 liability under an incorporation.They are required to contribute $1000 each to a sinking fund. Two partiescontribute the full amount, $1000 each. The other party provides services tothe incorporation, totalling $600, as a separate entity to the corporation. That party also forwards payment of $400 believingthe value of their services should be accepted in lieu of outstandingcontribution (1000-400=600)
Iím wanting an opinion and mathematical explanation/exampleif that is acceptable or not. My thoughts are, as the party providing theservice was not part of the incorporation all three members are equally liablefor 1/3 of the $600. If we accept their contribution of $400 they would still owe$200 to the incorporation as their share of the $600 expenses for services.
Thanks in advance