Legal Obligations

BCL – L1 – Q54 – Alternative forms and constitutions of business organisations

Explain if Kofi Amo and Mrs. Mensah remain partners after their retirement letters.

Question

By a letter dated 18th February 2014, addressed to the Manager of their partnership firm, Kofi Amo informed the Management of his and Mrs. Mensah’s immediate retirement as partners. The Manager replied that their application was under consideration. However, by another letter dated 12th January, 2015, Mr. Kofi Amo and Mrs. Mensah withdrew their letter dated 18th February 2014. The conduct of the remaining partners, however, showed that they considered the letter of 18th February 2014 to be of no effect, and continued the partnership accordingly. A dispute later arose and James, one of the partners, obtained an order of the High Court directing Mr. Kofi Amo and Mrs. Mensah to submit themselves to arbitration in accordance with the partnership agreement. The arbitrator submitted to the court that by their letter dated 18th February 2014, Mr. Kofi Amo and Mrs. Mensah ceased as from that date to be partners as the said letter could not be recalled.

Required:
Explain whether by the provisions of the Incorporated Private Partnership Act, 1962 (Act 152), Mr. Kofi Amo and Mrs. Mensah, remain partners in the firm after their letters of 18th February 2014 and 12th January 2015.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Incorporated Private Partnership Act, Legal Obligations, Partnership, Retirement
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

PSAF – L2 – Q9.4 – Provisions and Contingent Liabilities

Account for contract cancellation, court ruling, and revised contract costs under IPSAS 19, including provisions and disclosures.

Question

Under IPSAS 19: Provisions, Contingent Liabilities and Contingent Assets, the authority needs to account for the cancellation of contracts, the legal case, the court’s decision, and the potential revision of the contract amount.

Required:

Determine whether provisions should be made for the court award and contract revision, calculate the expected value of the revised contract amount, and outline the disclosures required under IPSAS 19.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contingent Liabilities, Contract Adjustments, Court Ruling, Disclosures, Expected value, Financial Reporting, IPSAS 19, Legal Obligations, Provisions, Public Sector
Level: Level 2

Topic: International Public Sector Accounting Standards

Tag (SQ): Legal Obligations

Filter by Professional Bodies

Filter by Subject

Filter by Topics

Filter by Levels

BCL – L1 – Q54 – Alternative forms and constitutions of business organisations

Explain if Kofi Amo and Mrs. Mensah remain partners after their retirement letters.

PSAF – L2 – Q9.4 – Provisions and Contingent Liabilities

Account for contract cancellation, court ruling, and revised contract costs under IPSAS 19, including provisions and disclosures.

Our offerings

Community

Contact Info

Customer

Get In Touch

Tag (SQ): Legal Obligations

Filter by Professional Bodies

Filter by Subject

Filter by Topics

Filter by Levels

BCL – L1 – Q54 – Alternative forms and constitutions of business organisations

Explain if Kofi Amo and Mrs. Mensah remain partners after their retirement letters.

You're reporting an error for "BCL – L1 – Q54 – Alternative forms and constitutions of business organisations"

PSAF – L2 – Q9.4 – Provisions and Contingent Liabilities

Account for contract cancellation, court ruling, and revised contract costs under IPSAS 19, including provisions and disclosures.

You're reporting an error for "PSAF – L2 – Q9.4 – Provisions and Contingent Liabilities"

Our offerings

Community

Contact Info

Customer

Get In Touch

admin

Pick a Form