2a) (i) Is the business a partnership? Yes/No (explain) (ii) Should the business name be registered? Yes/No (Explain). (iii) Can Fiona and Donna validly decide to embark on the alcohol selling venture without Celine's consent?
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- Which of the following terms best describes the action that is taken once a mortgage loan has b Closure BO Refinance O Reconveyance DO Substitution of trustee OC infMarvelous Music provides music lessons to student musicians. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2020, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2020, but not for December.) Prepare the necessary adjusting entry. Prepare an adjusted trial balance. An unadjusted trial balance is given below. MARVELOUS MUSIC UNADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15,800 Accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,100 Unexpired insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 Prepaid rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 Sheet music supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…On 6 April 2021, John commenced in self-employment, running a pub in Exeter city centre. John’s sales since the commencement of trading have been as follows: April to July 2021 £10,500 per month August to November 2021 £15,000 per month December 2021 to March 2022 £21,500 per months These figures are stated exclusive of Value added tax (VAT). Ricard’s sales are all standard rated. As a trainee Chartered Certified accountant you have advised John in writing that he should be registered for VAT, but he has refused to register because he thinks his net profit is insufficient to cover the additional cost which would be incurred. Required 1- Explain from what date Richard was required to be compulsorily registered for VAT and the VAT implications of continuing to trade after this date without registering. Note. You are not expected to explain the VAT…
- Better Days Ahead, a charitable organization, has a standing agreement with First National BankThe agreement allows Better Days Ahead to overdraw its cash balance at bank when donations are running lowIn the past. Better Days Ahead managed funds wisely and rarely used this privilegeJacob Henson has recently become the president of Better Days. To expand operations, Henson acquired office equipment and spent large amounts on fundraising During Henson's presidency, Better Days Ahead has maintained a negative bank balance of approximately 10,000 What is the ethical issue in this situationI State why you approve or disapprove of Henson's management of Better Days Ahead FundsYou are in the train station waiting for your train to arrive. You see a vending machine from where youcan buy snacks and chips for $3.50. Posted on the machine is a sign saying: “Property of XYZVendsolutions Pty Ltd”. You insert the coins required into the machine and out comes a packet ofchips. However, when you open the packet of chips, you find bits of plastic inside and you don’t wantto eat the chips. You want your money back.Required:With reference to the essential elements for the formation of a contract, explain:a) Did you enter into a contract in this scenario? b) If yes, with whom did you enter a contract? I know the answer, but need help in more detailed information on both a and b.Harish is the founder of the business. The main business is supplying the construction building materials. He registered his company Harish Enterprise under sole proprietorship. His company recently was awarded by the state government RM1million to supply building materials for aquaculture government projects in Klang, Selangor. However, his company do not have adequate capital and one of his suppliers suggested to him to seek financing from the financial institutions. However, he did not know how to write a business plan. Hence, he seeks your advice to prepare a business. Based on the above scenario, answer the following questions: a) What is an “Executive summary”? Why the executive summary is often called themost important part of a business plan. b) Explain the importance of business plan to: i. A company’s employeesii. Investor and other external stakeholders. c) Explain briefly two (2) characteristics of a good business plan. d) Explain two functions of financial plan in the…
- discuss the capital maintenance Doctrine and out line why and when it was first imlimented13 Which of the following transactions that utilizes an escrow company as its settiement service provider is covered by the real estate settlement procedures act (RESP) A) An all cash sale transaction B) timeshare purchase transaction C) An Investment property purchase transaction D) An owner-occupied FHA refinance transactionq) Explain, with reasons, whether or not the increase in thebad debt provision increases audit risk and describeappropriate tests you would carry out on the provision.
- ABC Electronics and Home Appliances LLC started business in Oman in the year 2015. The company purchased different types of Electronics and Home appliances products from a Manufacturer and sells across Oman. Assuming that you have been appointed as an Accountant in the business. Your duty is record day to day transactions and finalize the accounts at the end of the year. Required: a) Explain in detail different types of documentation that the business would expect to change hands in purchase, sales, purchase returns and sales returns ete. b) Show the model of atleast one Credit Sales invoice, Purchase invoice, Debit note and Credit note. (you can use imaginary figure) c) What are policies for trade discount/cash discount, Is there any products are subject to trade discount and why? Explain the terms and conditions in detail.Why is it not possible to incorporate a S-corporation for the purpose of forming a Real Estate Investment Trust (REIT)?Belletricity Inc., a medium electronic circuit board manufacturer in the US, is a long-term supplier to Morden Equipment (ME). ME is Belletricity’s only client. Every year, Belletricity sells around 5 million circuit boards to ME, which occupies Belletricity’s full production capacity. In 2012, ME informed Belletricity that due to business expansion, ME would increase the purchase from 5 million to 15 million starting from 2013. Belletricity has been selling circuit boards at the unit rate of USD 0.8 to ME so far. Due to the future increase of the buying volume, ME therefore asked Belletricity a price cut to USD 0.6 each. After negotiation, ME agreed to buy from Belletricity at the price of USD 1.00 starting 2013, for three years consecutively, till 2015. a) What was the rationale behind that ME agreed to pay a higher price to buy from Belletricity for the next three years? b) Why could Belletricity successfully persuade ME to accept her requested price?