Mr. Ahmed is working as an accounts officer in Akbar & Akhtar Industries LLC which is a building material supplying company in received a loan of OMR 10,000 from bank Muscat Shinas branch on the guarantee of Akbar & Akhtar Industries LLC. In this case may be available to Mr. Ahmed? O a. Familiarity threat O b. Advocacy threat Oc Self-interest threat d. Intimidation threat
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- Ahmed, who was admitted in a hospital, was required to undergo a surgery. Before his operation, he agreed to sell his house which was already listed for sale, to his doctor for Rs. 9.7 million. The market price of the house was Rs. 10 million. After successful operation Ahmed rescinded the agreement alleging “Undue Influence” by the doctor. a. Can he succeed? b. Justify Your answer keeping in view the ingredients of undue influence as laid down in Contract Act, 1872.Naeem was a treasury manager in Raheel Associates (RA). Naeem robbed Rs. 100,000 cash from the business. Raheel, the owner of the business, instituted legal proceedings against Naeem. Naeem agreed to return the cash and Raheel agreed to withdraw the proceedings against him. Naeem fulfilled his part of the promise. Under the provisions of the Contract Act, 1872 explain whether Raheel is bound to withdraw the proceedings against Naeem.Jiggy, owner of Jaguar Security Agency offers security services unto Honest Industries Co. of which his father Joe Calida sits as member of the Board of Directors. What are the requirements for the contract to be declared valid by the Board?
- Two partners Mr. Abdullah and Mr. Yahya running their business. The business avails an overdraft limit of RO 50,000 with the Bank. Mr. Abdullah signed two cheques for payment dated 17-03-2020. The business communicated the bank that Mr. Abdullah passed away in a road accident on 15-03-2020. The customers present these two cheques for payment on 17-03-2020. What is the solution for this situation?Ali is the manager of a well reputed organization. He is assigned to auction some assets of the firm. Instead of organizing an auction Ali compiles a list of items and puts an advertisement on the paper stating that anyone who is willing to purchase the said articles for Rs. 1 Lac can contact him directly by 15th April 2021 through email only. Ahmed saw the advertisement and emailed Ali on 12th April asking for pictures of the items or if it was possible for him to view the items. Ali provided the pictures. Ahmed then emailed Ali that he is willing to purchase the said articles for Rs. 90 thousand and wrote that if Ali did not reply he will assume that Ali has accepted the offer. On 14th April at 3 pm, Saad emailed Ali and said the following, “I will purchase the listed articles.” On 14th April at 4:30 pm, Khan called Ali and brokered a deal to purchase the articles. Answer the following questions. Ali sold the articles to Khan. Is it a valid saleMr Gugu and Lethu are members of Gugulethu CC. The bookkeeper attempted to prepare the financial statements of the entity however, he lacked the technical knowhow of the task. The following information is extracted from the workings of the bookkeeper and relates to the close cooperation on 28 February 2021, the end of the financial year: R Vehicles 780 000 Land and buildings 1 210 000 Long-term loan 520 000 Inventory (1 March 2020) 52 000 Trade receivables control 150 000 Trade payables control 84 790 Purchases 761 000 Purchases returns 5 100 Settlement discount granted 2 800 Freight on sales 12 300 Interest on long-term loan 43 875 Sales returns 2 300 Insurance expense 48 000 Settlement discount received 850 Allowance for credit…
- Mr Gugu and Lethu are members of Gugulethu CC. The bookkeeper attempted to prepare the financial statements of the entity however, he lacked the technical knowhow of the task. The following information is extracted from the workings of the bookkeeper and relates to the close cooperation on 28 February 2021, the end of the financial year: R Vehicles 780 000 Land and buildings 1 210 000 Long-term loan 520 000 Inventory (1 March 2020) 52 000 Trade receivables control 150 000 Trade payables control 84 790 Purchases 761 000 Purchases returns 5 100 Settlement discount granted 2 800 Freight on sales 12 300 Interest on long-term loan 43 875 Sales returns 2 300 Insurance expense 48 000 Settlement discount received 850 Allowance for credit…Mr Gugu and Lethu are members of Gugulethu CC. The bookkeeper attempted to prepare the financial statements of the entity however, he lacked the technical knowhow of the task. The following information is extracted from the workings of the bookkeeper and relates to the close cooperation on 28 February 2021, the end of the financial year: R Vehicles 780 000 Land and buildings 1 210 000 Long-term loan 520 000 Inventory (1 March 2020) 52 000 Trade receivables control 150 000 Trade payables control 84 790 Purchases 761 000 Purchases returns 5 100 Settlement discount granted 2 800 Freight on sales 12 300 Interest on long-term loan 43 875 Sales returns 2 300 Insurance expense 48 000 Settlement discount received 850 Allowance for credit…1-Bank Overdraft is an example of a. Current asset b. Current liability c. Non-current asset d. Non-current liability 2-Mr. Salim Mr Salman are running a restaurant business in Nizwa. Which of the following would be classified as an expense for their restaurant business? a. Salary paid for restaurant employees b. Furniture in the restaurant c. Inventory of tea & coffee d. Cash in hand in the restaurant 3-It is the list of all invoices sent out to Customers each day by your business a. Cash receipt journal b. Cash disbursement journal c. Sales day book d. Purchase day book 4-The allowance or concession granted to a retailer by the wholesaler or dealer is a. Sales b. Profit c. Discount d. Purchase 5-Which of the following is an example of Error of Commission? a. Electricity expense of OMR 150 was entered in OMR 150 in Telephone expenses account b. Purchase of goods of OMR 15000 entered twice in the accounts c. Purchase of goods OMR 15,000 were…
- James Burrow is the loan officer for the National Bank of Dallas.National has a loan of $325,000 outstanding to Regional Delivery Service, a companyspecializing in delivering products of all types on behalf of smaller companies. National’scollateral on the loan consists of 25 small delivery trucks with an average original cost of$24,000.Burrow is concerned about the collectibility of the outstanding loan and whether thetrucks still exist. He therefore engages Samantha Altman, CPA, to count the trucks, usingregistration information held by Burrow. She was engaged because she spends most ofher time auditing used automobile and truck dealerships and has extensive specializedknowledge about used trucks. Burrow requests that Altman issue a report stating thefollowing:1. Which of the 25 trucks is parked in Regional’s parking lot on the night of June 30,2013.2. Whether all of the trucks are owned by Regional Delivery Service.3. The condition of each truck, using the guidelines of poor, good,…19. On December 23, Wyman, a lawyer representing First National Bank & Trust (defendant), wrote to Zeller (plaintiff) stating that he had been instructed to offer a building to Zeller for sale at a price of $240,000. Zeller had previously expressed an interest in purchasing the building for $240,000. The letter also set forth details concerning interest rates and loan fees. After receiving the letter, Zeller instructed his attor- ney, Jamma, to send Wyman a written counteroffer of $230,000 with interest and loan arrangements varying from the terms of the original offer. Jamma sent the written counteroffer as instructed on January 10. On the same day, Jamma telephoned Wyman and informed him of the counteroffer. Subsequently Jamma sent an acceptance of the original offer to Wyman. When Wyman refused to sell the property to him, Zeller brought an action to seek enforcement of the alleged contract. Decision?Freddy is a director of Ace Finance Ltd. The board of directors for Ace Finance Ltd have unanimously agreed to have a marketing campaign to attract new clients to their financial business. Freddy's nephew – Frank – is a marketing executive who runs his own business. Freddy informs his nephew of the possibility of obtaining the marketing contract with Ace Finance Ltd. Freddy also discloses to Frank the price range that the company will consider. Freddy attends the board meeting where they consider who will get the marketing contract, but he does not disclose his connection with his nephew. After looking at all the potential candidates, the board of directors have selected Frank's business to do the marketing campaign for Ace Finance Ltd. Has Freddy breached his statutory obligations under the Corporations Act (Cth) 2001?