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khumbulani

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Active 7 months ago
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Viewing 3 posts - 1 through 3 (of 3 total)
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  • July 18, 2015 at 5:30 pm #261067
    bb3b0bcc3ab58d4029697a89de722bd8daa3c3bf72a721f0fd8b794904b9a1ba 80khumbulani
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    • Replies: 3
    • ☆

    Hello all, I passed English law with 56 %, CBE , I wrote in July, after failing 2 attempts at Global law.

    Thank you very much to the open tuition lecturers, and students, your assistance is greatly appreciated.

    All I can say is I finished within 2 hours, took my time, and made it.All the best to the rest.

    May 10, 2015 at 7:30 am #245046
    bb3b0bcc3ab58d4029697a89de722bd8daa3c3bf72a721f0fd8b794904b9a1ba 80khumbulani
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    • Topics: 1
    • Replies: 3
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    Hello Tessa

    Can I address the page 62-64 question only

    I have been watching his Lecture on this link
    https://opentuition.com/acca/f4/partnership/

    Matters to Be agreed
    where he explains when partners form a partnership partners should agree on the following
    Accounts and audit-partners must agree who will keep the accounts, whether they will have the accounts audited, what the year end is going to be
    D-They resolve the division of profits
    D-Drawings…relating to how much each partner is allowed to withdraw
    C-Capital of the firm-is the capital fixed? where each partner contributes a fixed amount or is it floating/variable how much can each partner withdraw
    I-Interest agreement
    S-Partners should agree on the Salaries
    C-current and capital account
    G-Goodwill how to calculate it in the event that a partner dies or retires
    T- The time Limit of the partnership.If there is no period of time it is called a partnership at will that can be dissolved at any time simply by giving a notice.

    Dispute
    M-Management
    E-Equality-partners shall share equally in the division of Profits
    D-Derived benefits
    I-Indemnity
    C-Competition
    S-If there was no agreement about salary,no partner is entitled to a salary as of right
    I-Interest-no interest is charged on drawn accounts, no interest is credited on capital account,however interest at the rate of 5% per anum is made on loans and advances over and above the firm’s fixed capital contribution
    N-No new person may be introduced as a partner to the firm with no unanimous consent
    B-Books of accounts-partnership accounting records shall be available for inspection by any partner at any time
    E-Expulsion..no majority can expel a partner
    D-disputes.normally settled by majority however no change may be made in the nature of the firm’s business without unanimous consent

    Dissolutions

    D Death of a partnership
    I-Insolvency(bankruptcy)
    S-Where 1 partner secures his share of the partnership as security for his private debts
    S-Sending of notice If one partner sends notice in a partnership at will to all partners that ends partnership
    O-Object of joint venture is ended or is over
    L-Lapse of time if a partnership is created for a fixed period of time then on expiration of that time the partnership will automatically cease/stop

    U-unable to carry out one’s share of the partnership agreement
    T-Termination by the court under the concept of Just and Equitable
    I-Insanity
    O-only capable of operating at a loss
    N-Nefarious Conduct where a partner is guilty of conduct that affects the carrying on of the partnership prejudiciously
    S-Shirty conduct -where a partner is persistently in breach of the partnership agreement

    First 6 are automatic grounds of dissolution, last 6 are open to the open to argument in the courts(subjective)

    I hope that will assist you in the first part page 62-64

    Kind regards

    May 10, 2015 at 5:35 am #245041
    bb3b0bcc3ab58d4029697a89de722bd8daa3c3bf72a721f0fd8b794904b9a1ba 80khumbulani
    Participant
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    I Have written the F4 global cbe, the style very similar to the one on the ACCA website,a section A multiple choice questions and a section B Multi task questions, although I must say requires a lot of effort, thinking and preparation. I’m glad you have studied like crazy all the best.I wrote the global variant so it has a very broad syllabus structure,lots of varied questions.

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