Pay off example sentences

Thus, the amount realised from assets along with contribution from partners, if required, shall be utilised first to pay off the outside liabilities of the firm such as creditors, loans, bank overdraft, bill payables, etc.(in case the balance amount is not adequate enough to pay off such loans and advances, they are to be paid propartionately); and surplus, if any is to be utilised in settlement of the capital account balances, after adjusting all profits and losses.When the company's property is not sufficient to pay off its debts, the private property of its members can be used for the purpose.This is because it borrows by issuing bonds to the people living at present but may decide to pay off the bonds some twenty years later by raising taxes.Thus, if the assets of the firm are not adequate enough to pay off firm s liabilities, the partners have to contribute out of their net private assets (private assets minus private liabilities).She has to sell a part of the land to pay off the debt.They may not realise that at some point in the future, the government will have to raise taxes to pay off the debt and accumulated interest.