Financial transaction reports , Financial Accounting

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

Posted Date: 2/26/2013 1:32:19 AM | Location : United States

Related Discussions:- Financial transaction reports , Assignment Help, Ask Question on Financial transaction reports , Get Answer, Expert's Help, Financial transaction reports Discussions

Write discussion on Financial transaction reports
Your posts are moderated
Related Questions
Illustration of Retirement of a partner A, B and C have been trading as equal partners having capital contributions of £500,000 and £400,000 and £300,000 respectively as at 1st

Real Estate Mortgage Investment Conduit (REMIC) - An entity which holds a fixed pool of mortgages and issues multiple classes of interest in itself to investors. A qualified REMIC

Asset Acquisition An alternate way of conducting a buyout by purchasing few assets an industry may have inspite of purchasing that organizations stock.


Effect of disclaimer The trustee may disclaim onerous property consisting of: Land burdened with onerous covenants; Stocks and shares; Unprofitable contracts, or

Mauve Corporation began operations as a farm supplies business and used a fiscal year ending September 30. The company gradually went out of the farm supplies business and into the

Prepare a statement of revenues - deferral method: Wise Owls, an NFPO, began operations at the beginning of 20X1 to provide free tutoring and homework assistance, as well as a

On January 1, 2010, Anderson Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued

How do i find the retained earnings? What is the formula to find retained earnings? What is the retained earnings? Accounts payable $ 5,000 Notes payable $ 7,000 Accounts receivabl