Unathi borrowed R2000 from Fikile because Unathi was struggling to pay his rent for the month....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Unathi borrowed R2000 from Fikile because Unathi was struggling to pay his rent for the month. This means that Unathi owes Fikile R2000. However, Fikile also owes Unathi R1500, because he bought a sound system from Unathi. Required: 4.1 Determine whether Unathi and Fikile's debts can be set-off against each other. 4.2 If the debts are set-off, how much would each party owe each other? (4 marks) Unathi borrowed R2000 from Fikile because Unathi was struggling to pay his rent for the month. This means that Unathi owes Fikile R2000. However, Fikile also owes Unathi R1500, because he bought a sound system from Unathi. Required: 4.1 Determine whether Unathi and Fikile's debts can be set-off against each other. 4.2 If the debts are set-off, how much would each party owe each other? (4 marks)
Expert Answer:
Answer rating: 100% (QA)
To determine if Unathi and Fikiles debts can be setoff against each other we need to compare the ... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
Students also viewed these accounting questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Large Mart has previously attempted to develop a study pillow which would have allowed students to upload study material into their brains whilst sleeping. However, Large Mart has recently discovered...
-
A firm makes three types of furniture: beds, chairs and tables. The manufacturing times required to make them, the profit and capacity available at each work centre are given below; To make one unit...
-
Match the following terms with their definitions: ___ A. FCBA ___ B. FDCPA 1. Requires lenders to disclose the terms of a loan 2. Regulates credit reports ___ C. FCRA ___ D. ECOA ___ E. TILA 3....
-
Provide two examples of goods/services that are classified as private goods/services even though they are provided by a federal government.
-
For Problem 6.8, (a) Fit the corresponding negative binomial model with the same linear predictor. (b) Compare the analysis between part (a) and that from Problem 6.8. 6.8 For the Sexual Health pilot...
-
Your firm uses a continuous review system and operates 52 weeks per year. One of the SKUs has the following characteristics. Demand (D) = 20,000 units/year Ordering cost (S) $40/order Holding cost...
-
For this assignment, submit the code (SQL script or document), including structure from the Data Definition Language (DDL) and the Data Manipulation Language (DML). Use these SQL Statements as a...
-
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2020, John worked as a computer technician at a local university earning a salary of $152,000, and...
-
Calculate the current in the 100 resistor in the figure below using (a) Kirchhoff's law and (b) Thevenin's theory. 15 V = 10V 5 3 2002 17 A 10 B Activate Windows
-
According to Cappelli (2019), employers continue to hire external candidates at a high rate. He strongly recommends that organizations engage in more internal recruitment. Name one reason that he...
-
Discuss the internal and external selection process. Identify the differences between each process. Include the advantages and disadvantages of each mode of selection.
-
Some people believe that self-disclosure and small talk are not important to doing our job. Their opinion is that we go to work, do our job and go home. It is not necessary to form bonds or become...
-
Analyzes the evidence of discriminatory effects and provides specific examples of connections to the rule, policy, or process in EEOC V ABERCROMBIE court case
-
An indirect transfer (meaning as a result of the transferor's death or intervivos gift from trust) will be subject to generation-skipping transfer tax even in circumstances where IRC 2503(e) would...
-
A codon for the amino acid serine undergoes a transversion so that it now codes for threonine. A transversion at a different site in the same codon then suppresses the first mutation. Give the...
-
During the year land was revalued and the surplus reported as Revaluation surplus; and an asset costing 80,000, written down to 38,000, was sold for 40,000. Identify the cost of any non-current...
-
Richard Brobston was hired by Insulation Corporation of America (ICA) in 1999. Initially, he was hired as a territory sales manager but was promoted to national account manager in 2003 and to general...
-
Plaintiff, Gibson, entered into negotiation with W. S. May, president of Home Folks Mobile Home Plaza, Inc., to buy Home Plaza Corporation. Plaintiff visited the mobile home park on several...
-
All Steel Pipe and Tube is a closely held corporation engaged in the business of selling steel pipes and tubes. Leo and Scott Callier are its two equal shareholders. Scott, Leos uncle, is one of the...
-
Rank in order, from largest to smallest, the size of the friction forces in the five different situations (one or more friction forces could be zero). The box and the floor are made of the same...
-
The terminal speed of a Styrofoam ball is 15 m/s. Suppose a Styrofoam ball is shot straight down with an initial speed of 30 m/s. Which velocity graph is correct? Vy (m/s) Vy (m/s) v, (m/s) vy (m/s)...
-
Boxes P and Q are sliding to the right across a frictionless table. The hand His slowing them down. The mass of P is larger than the mass of Q. Rank in order, from largest to smallest, the horizontal...
Study smarter with the SolutionInn App