Question Tag: Reimbursement

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ITF – OCT 2022 – L3 – Q6 – Issuing Bank’s Undertaking under UCP 600 Article 7

State the issuing bank's undertaking as per UCP 600 Article 7 a (i-v), b, and c.

Question

State the “Issuing Bank’s Undertaking” as enshrined in Article 7 a (i – v), b and c when it issues a credit on behalf of its customer under the current International Chamber of Commerce (ICC) Publication in respect of Uniform Customs and Practice for Documentary Credit – UCP 600.

[Total Marks 20]

Answer

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Tags: Article 7, documentary credit, Honour, Issuing Bank Undertaking, Reimbursement, UCP 600
Level: Level 3

ITF – APR 2023 – L3 – Q5 – Medicare & Associates Documentary Credit Issue

State issuing bank's responsibilities under UCP 600 and measures to prevent non-payment in a documentary credit scenario for hospital equipment importation.

Question

You are the head of your bank’s Trade Department. Through the bank’s Corporate Department you received an application for the establishment of documentary letter of credit (L/C) from a customer. Medicare & Associates for the importation of hospital equipment from Germany. You supervised the issue of the credit in favour of the beneficiary and advised it through your euro correspondent, Commerzbank, Frankfurt. The credit amount of Euro 350, 000 was the total cost of the hospital equipment at CIF. Tema port. Upon receiving the L/C. Commerzbank immediately advised the beneficiary suppliers who organized the goods and shipped them under the CIF terms to Tema port. Documents were accordingly sent to the counters of Commerzbank for payment as the credit was under sight payment.

After thoroughly examining the documents, Commerzbank paid the beneficiary under the compliant presentation and sent the documents to your bank for reimbursement.

Upon receiving the documents, your examination team went through for any discrepancy but found none. Unfortunately, Medicare & Associates had no funds in their account to meet the payment of the reimbursement claim from Commerzbank.

Your bank had to reimburse Commerzbank immediately in accordance with Article 7 of UCP 600 – which is categorical on the Issuing Bank’s undertaking when it issues a documentary credit. You released the documents received from Commerzbank to customers and goods were cleared to their warehouse which was eventually sold to ultimate buyers. Strangely enough, Medicare & Associates could not pay your bank – citing Covid-19 problems as their reason for the failure to pay.

Medicare & Associates are now asking for the Euro 350,000 to be converted into a loan facility and be given time to pay.

Required i. State the undertaking/responsibilities of your bank with respect to UCP 600 of your bank which agreed to issue this documentary credit on behalf of its customer. (9 marks) ii. Indicate what could have been done to prevent this from happening? (11 marks)

[Total Marks 20]

Answer

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Tags: Bank Undertakings, Customer Default, letters of credit, Preventive Measures, Reimbursement
Level: Level 3

Topic: Risk Prevention
Series: APR 2023

BL – Nov 2020 – L1 – SA – Q10 – Agency Law

Objective question on the right of an agent to be reimbursed for expenses incurred in duty.

Question

10. The right of an agent to be reimbursed for expenses incurred in performing his authorised duties is called
A. Remuneration
B. Compensation
C. Indemnity
D. Salary
E. Commission

Answer

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Tags: Agency Law, Agent Rights, Compensation, Indemnity, Reimbursement
Level: Level 1

Topic: Agency Law
Series: NOV 2020

BL – Nov 2019 – L1 – SB – Q3a – Company Law

Legal advice on the entitlement of a director to remuneration and reimbursement in the absence of an agreement.

Question

Bala and Yesufu are joint directors and shareholders of YEBA Limited, which was incorporated in 2015. Yesufu was appointed the Managing Director, and Bala, the Operations Director. The Articles of Association of YEBA Limited were silent on directors’ remuneration, and there was no written agreement to pay remuneration to the directors of the company.

Bala had attended several board meetings from 2015 to 2017, travelling from Abuja to Lagos at his own expense. In 2018, Bala wrote to YEBA Limited through Yesufu, claiming N2 million annual director’s remuneration for years 2015 to 2017, as well as a total sum of N2 million reimbursement of his travelling expenses for the same period.

YEBA Limited has refused to pay both claims, insisting that there is no agreement for such payments to be made to the directors of the company. Bala is aggrieved and intends to take legal action against YEBA Limited.

Required:
Advise Bala, stating the legal issues involved.

(8 Marks)

Answer

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Tags: Articles of Association, Company Law, Director Remuneration, Reimbursement
Level: Level 1

Topic: Company Law
Series: NOV 2019

FA – Mar/July 2020 – L1 – SA – Q9 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Calculating the amount to be reclaimed under the imprest system

Question

The following is a summary of the petty cash transactions for a week:

Opening balance: N50,000
Sales of stamps: N10,000
Sales of paper: N50,000
Travelling expenses: N150,000
Subsistence expenses: N250,000

What sum should be reclaimed by the cashier at the end of the week?
A. N550,000
B. N500,000
C. N400,000
D. N340,000
E. N160,000

Answer

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Tags: Imprest, Petty Cash, Reimbursement
Level: Level 1

BCL – May 2017 – L1 – Q6a – Sources of Law

Explain a partner's right to claim reimbursement for personal expenses incurred during authorized duties.

Question

a) A partner in a firm in the course of an authorized duty incurred liability of which he/she made personal payment. The partner later made claims of reimbursement of expenses incurred. At a meeting of the partners of the firm, the reimbursement was declined.

Required: Explain whether the partner has any rights to claim reimbursement. (7 marks)

Answer

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Tags: Authorized Duties, Partner Rights, Partnership Law, Reimbursement
Level: Level 1

Topic: Sources of Law
Series: MAY 2017

BCL – May 2020 – L2 – Q2a – Agency

Advise on whether a firm should bear the cost of an expenditure incurred by a partner during an assignment.

Question

Jabi is a partner of an Accounting Firm. The firm’s office is located in Accra. In May 2019, Jabi was assigned an approved accounting duty outside Accra with the use of the Firm’s car. During the journey, the car had a burst tyre. The driver of the car, for unexplained reasons, had no spare tyre on the car. He therefore recommended the purchase of a brand new tyre, which Jabi bought with his personal money. He obtained a receipt in the name of the Firm.

Jabi sought for a refund of his money amounting to GH¢1,280 for the tyres bought. The Managing Partner refused the refund, saying it was the sole responsibility of Jabi to bear the expenditure.

Required:

i) Advise the Manager as to why the Firm should bear the full or part of the cost and not only Jabi.
(4 marks)

ii) Advise Jabi why it is not the sole responsibility of the firm to bear the cost.
(6 marks)

Answer

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Tags: Agency, Firm Liability, Partnership Act 1962, Partnership Law, Reimbursement
Level: Level 1

Topic: Agency Law
Series: MAY 2020

BCL – Nov 2018 – L1 – Q4b – Public Sector Entities

State two reasons why a partnership firm should reimburse a partner's expenses.

Question

Apina is a partner in an accounting firm known as Dtd & Associates. On 3rd October 2018, he went out to execute an approved course of duty for the firm. Instead of being assigned an official car, the supervising partner asked that he should use his own car and provision was made for his fuel. In the course of duty, he burst a tire. He brought the receipt of the replaced tire bought to the supervising manager for a refund. The supervising manager, however, refused to reimburse Apina.

Required:
State TWO (2) reasons why the firm should reimburse Apina. (8 marks)

Answer

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Tags: Partner Rights, Partnership Expenses, Partnership Law, Reimbursement
Level: Level 1

Topic: Public Sector Entities
Series: NOV 2018

ITF – OCT 2022 – L3 – Q6 – Issuing Bank’s Undertaking under UCP 600 Article 7

State the issuing bank's undertaking as per UCP 600 Article 7 a (i-v), b, and c.

Question

[Total Marks 20]

Answer

Find Related Questions by Tags, levels, etc.

Tags: Article 7, documentary credit, Honour, Issuing Bank Undertaking, Reimbursement, UCP 600
Level: Level 3

ITF – APR 2023 – L3 – Q5 – Medicare & Associates Documentary Credit Issue

State issuing bank's responsibilities under UCP 600 and measures to prevent non-payment in a documentary credit scenario for hospital equipment importation.

Question

After thoroughly examining the documents, Commerzbank paid the beneficiary under the compliant presentation and sent the documents to your bank for reimbursement.

Medicare & Associates are now asking for the Euro 350,000 to be converted into a loan facility and be given time to pay.

[Total Marks 20]

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Undertakings, Customer Default, letters of credit, Preventive Measures, Reimbursement
Level: Level 3

Topic: Risk Prevention
Series: APR 2023

BL – Nov 2020 – L1 – SA – Q10 – Agency Law

Objective question on the right of an agent to be reimbursed for expenses incurred in duty.

Question

10. The right of an agent to be reimbursed for expenses incurred in performing his authorised duties is called
A. Remuneration
B. Compensation
C. Indemnity
D. Salary
E. Commission

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agency Law, Agent Rights, Compensation, Indemnity, Reimbursement
Level: Level 1

Topic: Agency Law
Series: NOV 2020

BL – Nov 2019 – L1 – SB – Q3a – Company Law

Legal advice on the entitlement of a director to remuneration and reimbursement in the absence of an agreement.

Question

Required:
Advise Bala, stating the legal issues involved.

(8 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Articles of Association, Company Law, Director Remuneration, Reimbursement
Level: Level 1

Topic: Company Law
Series: NOV 2019

FA – Mar/July 2020 – L1 – SA – Q9 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Calculating the amount to be reclaimed under the imprest system

Question

The following is a summary of the petty cash transactions for a week:

Opening balance: N50,000
Sales of stamps: N10,000
Sales of paper: N50,000
Travelling expenses: N150,000
Subsistence expenses: N250,000

What sum should be reclaimed by the cashier at the end of the week?
A. N550,000
B. N500,000
C. N400,000
D. N340,000
E. N160,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Imprest, Petty Cash, Reimbursement
Level: Level 1

BCL – May 2017 – L1 – Q6a – Sources of Law

Explain a partner's right to claim reimbursement for personal expenses incurred during authorized duties.

Question

Required: Explain whether the partner has any rights to claim reimbursement. (7 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Authorized Duties, Partner Rights, Partnership Law, Reimbursement
Level: Level 1

Topic: Sources of Law
Series: MAY 2017

BCL – May 2020 – L2 – Q2a – Agency

Advise on whether a firm should bear the cost of an expenditure incurred by a partner during an assignment.

Question

Jabi sought for a refund of his money amounting to GH¢1,280 for the tyres bought. The Managing Partner refused the refund, saying it was the sole responsibility of Jabi to bear the expenditure.

Required:

i) Advise the Manager as to why the Firm should bear the full or part of the cost and not only Jabi.
(4 marks)

ii) Advise Jabi why it is not the sole responsibility of the firm to bear the cost.
(6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agency, Firm Liability, Partnership Act 1962, Partnership Law, Reimbursement
Level: Level 1

Topic: Agency Law
Series: MAY 2020

BCL – Nov 2018 – L1 – Q4b – Public Sector Entities

State two reasons why a partnership firm should reimburse a partner's expenses.

Question

Required:
State TWO (2) reasons why the firm should reimburse Apina. (8 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Partner Rights, Partnership Expenses, Partnership Law, Reimbursement
Level: Level 1

Topic: Public Sector Entities
Series: NOV 2018

Question Tag: Reimbursement

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ITF – OCT 2022 – L3 – Q6 – Issuing Bank’s Undertaking under UCP 600 Article 7

State the issuing bank's undertaking as per UCP 600 Article 7 a (i-v), b, and c.

You're reporting an error for "ITF – OCT 2022 – L3 – Q6 – Issuing Bank’s Undertaking under UCP 600 Article 7"

ITF – APR 2023 – L3 – Q5 – Medicare & Associates Documentary Credit Issue

State issuing bank's responsibilities under UCP 600 and measures to prevent non-payment in a documentary credit scenario for hospital equipment importation.

You're reporting an error for "ITF – APR 2023 – L3 – Q5 – Medicare & Associates Documentary Credit Issue"

BL – Nov 2020 – L1 – SA – Q10 – Agency Law

Objective question on the right of an agent to be reimbursed for expenses incurred in duty.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q10 – Agency Law"

BL – Nov 2019 – L1 – SB – Q3a – Company Law

Legal advice on the entitlement of a director to remuneration and reimbursement in the absence of an agreement.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q3a – Company Law"

FA – Mar/July 2020 – L1 – SA – Q9 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Calculating the amount to be reclaimed under the imprest system

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q9 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

BCL – May 2017 – L1 – Q6a – Sources of Law

Explain a partner's right to claim reimbursement for personal expenses incurred during authorized duties.

You're reporting an error for "BCL – May 2017 – L1 – Q6a – Sources of Law"

BCL – May 2020 – L2 – Q2a – Agency

Advise on whether a firm should bear the cost of an expenditure incurred by a partner during an assignment.

You're reporting an error for "BCL – May 2020 – L2 – Q2a – Agency"

BCL – Nov 2018 – L1 – Q4b – Public Sector Entities

State two reasons why a partnership firm should reimburse a partner's expenses.

You're reporting an error for "BCL – Nov 2018 – L1 – Q4b – Public Sector Entities"

ITF – OCT 2022 – L3 – Q6 – Issuing Bank’s Undertaking under UCP 600 Article 7

State the issuing bank's undertaking as per UCP 600 Article 7 a (i-v), b, and c.

You're reporting an error for "ITF – OCT 2022 – L3 – Q6 – Issuing Bank’s Undertaking under UCP 600 Article 7"

ITF – APR 2023 – L3 – Q5 – Medicare & Associates Documentary Credit Issue

State issuing bank's responsibilities under UCP 600 and measures to prevent non-payment in a documentary credit scenario for hospital equipment importation.

You're reporting an error for "ITF – APR 2023 – L3 – Q5 – Medicare & Associates Documentary Credit Issue"

BL – Nov 2020 – L1 – SA – Q10 – Agency Law

Objective question on the right of an agent to be reimbursed for expenses incurred in duty.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q10 – Agency Law"

BL – Nov 2019 – L1 – SB – Q3a – Company Law

Legal advice on the entitlement of a director to remuneration and reimbursement in the absence of an agreement.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q3a – Company Law"

FA – Mar/July 2020 – L1 – SA – Q9 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Calculating the amount to be reclaimed under the imprest system

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q9 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

BCL – May 2017 – L1 – Q6a – Sources of Law

Explain a partner's right to claim reimbursement for personal expenses incurred during authorized duties.

You're reporting an error for "BCL – May 2017 – L1 – Q6a – Sources of Law"

BCL – May 2020 – L2 – Q2a – Agency

Advise on whether a firm should bear the cost of an expenditure incurred by a partner during an assignment.

You're reporting an error for "BCL – May 2020 – L2 – Q2a – Agency"

BCL – Nov 2018 – L1 – Q4b – Public Sector Entities

State two reasons why a partnership firm should reimburse a partner's expenses.

You're reporting an error for "BCL – Nov 2018 – L1 – Q4b – Public Sector Entities"

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