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MUTUAL DEALINGS
A right of set-off is allowed where there have been -(a) Mutual credits, debts or other dealings resulting in pecuniary liabilities,(b) Between the debtor and a creditor in the same right,(c) Prior to the date of the receiving order,(d) Without notice of an available act of bankruptcy.An account is taken as at the date of the order, and the balance paid or claimed by the creditor.
Persons with mutual dealings cannot contract out of the right of set-off given by s.36 ibid though it may be possible for them to agree that their dealings shall not be regarded as mutual. National Westminster Bank Ltd. v Halesowen Presswork and Assemblies Ltd. (1972).
Your firm has been hired to examine the financial statements of Bonanza Development Corp. for possible irregularities. As part of this task, you reviewed certain land transactions
Please use the information below to complete Form 1120S and the Schedule K-1%u2019s for Form 1120S. Blank forms can be found on the Hands-On Assignment page or in Doc Sharing. If y
Uncertainty A gift or disposition not expressive of any definite intention shall be void for uncertainty, i.e A gift under a will fails where there is uncertainty as to:
Suppose that the one-period rate is 4%. Explain why a two-period rate of 6% cannot be an equilibrium when individuals expect the one-period rate to remain constant.
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THE SURPLUS CAPITAL METHOD Under this method, the initial amounts repaid to partners are in order to reduce their capitals to amounts such that these are now in the same ratio
PROOF OF DEBTS The following rules apply as to the proving of debts: 1) A creditor has no right to vote or receive dividends until his debt is proved to the satisfaction of th
Define Accruals or accrued charges What are Accruals or accrued charges - Expenses that are done for the current accounting period which have not yet been paid. These are someti
On January 1, 2013, NewTune Company exchanges 15,000 shares of its common stock for all of the outstanding shares of On-the-Go, Inc. Each NewTune''s shares has a $4 par value and a
the role of international accounting toward promotion of generally accepted accounting principle
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