- 5 Marks
Define judicial precedent and its role in Ghana's legal system.
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- Tags: Case Law, Courts, Ghana, Judicial Precedent, Legal System
- Level: Level 1
- Topic: Sources of Law
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- 10 Marks
Describe the stages of appeal for civil matters in Ghana's judicial system.
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- 3 Marks
List the Superior Courts of Ghana in ascending order per the 1992 Constitution.
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- 10 Marks
Explain why the 1992 Constitution is the supreme law of Ghana.
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- Tags: Constitution, Fundamental Rights, Governance, Supreme Law
- Level: Level 1
- Topic: Sources of Law
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- 10 Marks
Explain how separation of powers contributes to the legal system's function.
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- Tags: Checks and Balances, Governance, Legal System, Separation of Powers
- Level: Level 1
- Topic: Sources of Law
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- 20 Marks
Assess advantages and challenges of Ayasco Banking Group offshoring back-office operations to South Afrara.
Question
(a) The Ayasco Banking Group recently reported that it was offshoring (moving) its back-office operations from Ghanara to South Afrara where it already has some significant operations. Centralizing most back-office operations in South Afrara is part of the Group’s plan to grow its international banking business. South Afrara is one of the fast-emerging economies.
According to an Ayasco Banking Group spokesperson, the move would involve cutting about 500 jobs from its operations in Ghanara, but generating a similar number of new jobs in South Afrara where it already employs 3,000 people.
Required:
(i) Critically assess the advantages and associated problems for Ayasco Banking Group of offshoring its back-office operations to an emerging country.
(b) Marketing activities within an organisation can be grouped broadly into four roles.
Explain TWO broad roles of marketing activities within an organization.
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- 15 Marks
Prepare a report analyzing JB Co Ltd's financial position using gearing and liquidity ratios, highlighting areas for further investigation.
Question
BNN Co is considering acquiring an interest in its competitor JB Co Ltd. The managing director of BNN Co has obtained the three most recent statements of financial position of JB Co Ltd as shown below.
JB Co Ltd – Statement of Financial Position at 31st December
| 20X7 GH$’000 | 20X8 GH$’000 | 20X9 GH$’000 | |
|---|---|---|---|
| Non-current assets | |||
| Land and buildings | 11,460 | 12,121 | 11,081 |
| Plant and equipment | 8,896 | 9,020 | 9,130 |
| 20,356 | 21,141 | 20,211 | |
| Current assets | |||
| Inventories | 1,775 | 2,663 | 3,995 |
| Trade receivables | 1,440 | 2,260 | 3,164 |
| Cash | 50 | 53 | 55 |
| 3,265 | 4,976 | 7,214 | |
| Total assets | 23,621 | 26,117 | 27,425 |
| Equity | |||
| Share capital | 8,000 | 8,000 | 8,000 |
| Retained earnings | 6,434 | 7,313 | 7,584 |
| 14,434 | 15,313 | 15,584 | |
| Non-current liabilities | |||
| 12% debentures 20X9–20Y2 | 5,000 | 5,000 | 5,000 |
| Current liabilities | |||
| Trade payable | 390 | 388 | 446 |
| Bank | 1,300 | 2,300 | 3,400 |
| Income taxes payable | 897 | 1,420 | 1,195 |
| Dividend payable | 1,600 | 1,696 | 1,800 |
| 4,187 | 5,804 | 6,841 | |
| Total equity and liabilities | 23,621 | 26,117 | 27,425 |
Required:
Prepare a report for the managing director of BNN Co. commenting on the financial position of JB Co Ltd. and highlight any areas that require further investigation (using gearing and liquidity ratios only).
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- 20 Marks
Calculate financial ratios for Jeck Ltd for the year ended 31 March 20X9 based on provided financial statements.
Question
Jeck Ltd is a listed company that assembles domestic electrical goods which it then sells to both wholesale and retail customers. Jeck Ltd’s management was disappointed in the company’s results for the year ended 31 March 20X8. In an attempt to improve performance the following measures were taken early in the year ended 31 March 20X9:
- A national advertising campaign was undertaken,
- Rebates to all wholesale customers purchasing goods above set quantity levels were introduced,
- The assembly of certain lines ceased and was replaced by bought-in completed products. This allowed Jeck Ltd to dispose of surplus plant.
Jeck Ltd’s summarised financial statements for the year ended 31 March 20X9 are set out below:
Statement of Financial Position as at 31 March 20X9
| GH$’000 | GH$’000 |
|---|---|
| Non-current assets | |
| Property, plant and equipment (note (ii)) | 550 |
| Current assets | |
| Inventory | 250 |
| Trade receivables | 360 |
| Bank | Nil |
| 610 | |
| Total assets | |
| Equity and liabilities | |
| Stated capital (400m shares) | 100 |
| Income surplus | 380 |
| 480 | |
| Non-current liabilities | |
| 8% loan notes | 200 |
| Current liabilities | |
| Bank overdraft | 10 |
| Trade payables | 430 |
| Current tax payables | 40 |
| 480 | |
| Total equity and liabilities |
Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 31 March 20X9
| GH$’000 |
|---|
| Revenue (25% cash sales) |
| Cost of sales |
| Gross profit |
| Operating expenses |
| Operating profit |
| Profit on disposal of plant (note (i)) |
| Financial charges |
| Profit before tax |
| Income tax expense |
| Profit for the year |
Below are ratios calculated for the year ended 31 March 20X8:
- Return on year-end capital employed (profit before interest and tax over total assets less current liabilities): 17%
- Net assets (equal to capital employed) turnover: 4 times
- Gross profit margin: 6.3%
- Net profit (before tax) margin: Not provided
- Current ratio: 1.6:1
- Closing inventory holding period: 46 days
- Trade receivables’ collection period: 45 days
- Trade payables’ payment period: 55 days
- Dividend yield: 3.75%
- Dividend cover: 2 times
Notes:
(i) Jeck Ltd received GH$120m from the sale of plant that had a carrying amount of GH$80m at the date of its sale.
(ii) The market price of Jeck Ltd’s share throughout the year averaged GH$3.75 each. There were no issues or redemption of shares or loans during the year.
(iii) Dividends paid during the year ended 31 March 20Y0 amounted to GH$90m, maintaining the same dividend paid in the year ended 31 March 20X9.
Required:
(a) Calculate ratios for the year ended 31 March 20X9 (showing your workings) for Jeck Ltd, equivalent to those provided above.
(b) Analyse the financial performance and position of Jeck Ltd for the year ended 31 March 20X9 compared to the previous year.
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- 25 Marks
Prepare Kari Plc's consolidated statement of financial position as at 31 March 20X4, accounting for subsidiaries and associates.
Question
Kari Plc acquired 90% of Kane Ltd’s GH$1 ordinary shares on 1 April 20X2 paying GH$3.00 per share. The balance on Kane Ltd’s retained earnings at this date was GH$800,000. On 1 October 20X3, Kari Plc acquired 30% of Kora Ltd’s GH$1 ordinary shares for GH$3.50 per share. The statements of financial position of the three companies at 31 March 20X4 are shown below:
| Kari Plc | Kane Ltd | Kora Ltd | ||||
|---|---|---|---|---|---|---|
| GH$000 | GH$000 | GH$000 | GH$000 | GH$000 | GH$000 | |
| Non-current assets | ||||||
| Property, plant and equipment | 8,050 | 3,600 | 1,650 | |||
| Investments | 4,000 | 910 | nil | |||
| 12,050 | 4,510 | 1,650 | ||||
| Current assets | ||||||
| Inventory | 830 | 340 | 250 | |||
| Accounts receivable | 520 | 290 | 350 | |||
| Bank | 240 | nil | 100 | |||
| 1,590 | 630 | 700 | ||||
| Total assets | 13,640 | 5,140 | 2,350 | |||
| Equity and liabilities | ||||||
| Equity: | ||||||
| Ordinary shares of GH$1 each | 5,000 | 1,200 | 600 | |||
| Reserves: | ||||||
| Retained earnings b/f | 6,000 | 1,400 | 900 | |||
| Profit year to 31 March 20X4 | 1,400 | 600 | 300 | |||
| 7,400 | 2,000 | 1,200 | ||||
| 12,400 | 3,200 | 1,800 | ||||
| Non-current liabilities | ||||||
| 10% Loan notes | 500 | 240 | nil | |||
| Current liabilities | ||||||
| Accounts payable | 420 | 960 | 350 | |||
| Taxation | 220 | 250 | 100 | |||
| Overdraft | nil | 490 | nil | |||
| 640 | 1,700 | 450 | ||||
| Total equity and liabilities | 13,640 | 5,140 | 2,350 |
The following information is relevant:
(i) The fair value of the non-controlling interest in Kane Ltd at the date of acquisition was GH$2.50 per share.
(ii) In January 20X4 Kari Plc sold goods to Kora Ltd for GH$65,000. These were transferred at a mark-up of 30% on cost. Two thirds of these goods were still in the inventory of Kora Ltd at 31 March 20X4.
(iii) To facilitate the consolidation procedures the group insists that all inter-company current account balances are settled prior to the year-end. However a cheque of GH$40,000 from Kane Ltd to Kari Plc was not received until early April 20X4. Inter-company balances are included in accounts receivable and payable as appropriate.
(iv) Kora Ltd is to be treated as an associated company of Kari Plc.
(v) An impairment test at 31 March 20X4 on the consolidated goodwill of Kane Ltd and Kora Ltd concluded that it should be written down by GH$468,000 and GH$12,000 respectively. No other assets were impaired.
Required
(a) Prepare the consolidated statement of financial position of Kari Plc as at 31 March 20X4.
(b) Discuss the matters to consider in determining whether an investment in another company constitutes associated company status.
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