Financial transaction reports , Financial Accounting

Assignment Help:

Answer both parts in this task. Part (i) is worth a maximum of 10 Marks, while part (ii) is worth a maximum of 5 Marks.

(i) Minnie owes Micky Mouse $500 and hands him a cheque payable 'M Mouse or bearer'. Micky immediately crosses the cheque with two parallel lines and places it in his wallet. The next day Micky's wallet is stolen and Minnie instructs the Bank to stop payment on the cheque. The wallet was stolen by Melanie Moose, who takes the cheque to 'Food Hall' and persuades the manager to give her $100 cash and

© State of New South Wales, Department of Education and Training 2005 Version 1 July 2007 provide her with $400 of groceries in exchange for the cheque. When the cheque is presented by 'Food Hall', the Bank refuses to pay.

a) Discuss what rights 'Food Hall' has against Minnie or Micky.

b) Would the situation have been different if the cheque had been crossed 'Not Negotiable'?

(ii) Outline the purpose of the Financial Transaction Reports Act 1988 (Cth) and briefly explain how it operates.

This task requires you to provide an outline of the facts and legal principles in each of the following cases. Each part is worth a maximum of 2½ marks.

a) Mabo v Queensland (No.2) (1992) 175 CLR 1

b) Donoghue v Stevenson (1932) AC 562; (1932) All ER 1

c) Shaddock & Associates v Parramatta City Council (1981) 150 CLR 225

d) Panarama Developments v Fidelis Furnishing Fabrics (1971) 3 WLR 440


Related Discussions:- Financial transaction reports

Financial and managerial accounting, You have been hired as consultants to ...

You have been hired as consultants to advise Mr D of DN Company limited on the performance of his company which has been  in business for two years. He has provided you with a subs

What are the january cash collections from sales, O'Neill Co. has $298,106 ...

O'Neill Co. has $298,106 in accounts receivable on January 1. Budgeted sales for January are $840,001. O'Neill expects to sell 20% of its merchandise for cash. Of the remaining 80%

Which is not necessary in order for corporation to pay cash, Q. Which one o...

Q. Which one of the following is not necessary in order for a corporation to pay a cash dividend? a. Adequate cash b. Approval of stockholders c. Declaration of dividends by the bo

Expected net cash flows resulting from the digger, Sigma is thinking about ...

Sigma is thinking about purchasing a new clam digger for $14,000. The expected net cash flows resulting from the digger are $9,000 in year 1, $7,000 in year 2, $5,000 in year 3, an

Effect of discharge-discharge of bankrupt, Effect of discharge An order...

Effect of discharge An order of discharge releases the bankrupt from all disabilities imposed by the bankruptcy (except those which apply for a fixed period after discharge - s

Stockholder''s equity, 1. Lett Corp declared and issued a 15% stock dividen...

1. Lett Corp declared and issued a 15% stock dividend when they had 100,000 shares of common stock issued and outstanding. The market price of the stock was $20 per share on the de

Maintenance-trusts laws and accounts, MAINTENANCE Trustees may pay to t...

MAINTENANCE Trustees may pay to the parent or guardian out of income of a fund held on the trust for an infacnt reasonable sums for his maintenance and education, having regard

FDD , fimnancial accounting system

fimnancial accounting system

What are allie''s stock basis, Monte and Allie each own 50% of Raider Corpo...

Monte and Allie each own 50% of Raider Corporation, an S corporation. Both individuals actively participate in Raider's business. On January 1, Monte and Allie have adjusted bases

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd