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Protected transactions
These fall into three categories:(A) Under Section 50:
Provided that:(1) The transaction took place before the date of receiving order, and(2) The other party did not notice of an available act of bankruptcy.(B) Under Section 51:Any payment or delivery to the bankrupt or his assignee,
This includes payments made to a third party "on the request, order or direction of the bankrupt" (Re Dalton)
(D) Payment or transfer of money or property of the bankrupt by a person in possession of it to some other person, after the date, but before the gazetting, of the receiving order, provided that the transferor had no notice of the receiving order.
Such a transaction is not completely protected - but no claim can be made against the transferor unless it is "not reasonably practicable" for the trustee to recover it from the transferee.
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:
Prepare Partial Income Statement through FIFO, And LIFO Methods The records of XYZ Restaurant Supply include the following accounts for cases of coffee cups at December 31 of t
Describe the following questions:- Q.1 Explain how financial statements assist in the capital allocation process. How are financial statements limited? Which financial statement
Q. Limitations of the five year period of analysis? A number of restrictions to the analysis potentially arise - The approach doesn't take account of future benefits/costs a
Ely purchased a patent (with a remaining legal life of ten years) from Backo on January 1, 2010 for $300,000. Ely expected to use the patent for five years. The carrying value on B
What would be the effect on the balance sheet if adjustments (a) and (f) were omitted at the end of the year?k question #Minimum 100 words accepted#
Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a
How can we differentiate debit and credit
LIMITATIONS O F FINANCIAL ACCOUNTING 1. Simply transactions which can be calculated in terms of money can be recorded in the books of accounts. Actions, though important t
Types of temporary differences There are two main types of temporary differences; 1) Taxable temporary difference : If the carrying amount is more than the tax base then
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