A, B C, D and E are partners of a banking firm. State the legal position...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A, B C, D and E are partners of a banking firm. State the legal position of the firm for the following acts of partners (a) A borrow's money in the name of the firm. (b) B orders for certain quantity of wine, on the firm's letter head. (c) C receives money from a borrower of a firm and utilized this amount for personal use without informing other partners about the receipt of this money. (d). D borrows money on his own credit by giving his own promissory note and utilizes subsequently this amount for firm's use. A, B C, D and E are partners of a banking firm. State the legal position of the firm for the following acts of partners (a) A borrow's money in the name of the firm. (b) B orders for certain quantity of wine, on the firm's letter head. (c) C receives money from a borrower of a firm and utilized this amount for personal use without informing other partners about the receipt of this money. (d). D borrows money on his own credit by giving his own promissory note and utilizes subsequently this amount for firm's use.
Expert Answer:
Answer rating: 100% (QA)
a The firm is not liable for the money borrowed by A b The fir... View the full answer
Related Book For
Human Resource Management
ISBN: 978-0538453158
13th Edition
Authors: Robert L. Mathis, John H. Jackson
Posted Date:
Students also viewed these finance questions
-
Explain why you agree or disagree with affirmative action and how affirmative action may be affected by growing workforce diversity.
-
Explain why you agree or disagree with the following proposition: "Corporations will be less likely to act in socially responsible ways if there is either too much, or too little competition."
-
Explain why you agree or disagree with the following statements: a. A country that grows faster than its major trading partners can expect the international value of its currency to depreciate. b. A...
-
The rigid bars ABC and CD are supported by pins at A and D and by a steel rod at B. There is a roller connection between the bars at C. Compute the vertical displacement of point C caused by the...
-
This same researcher then selected at random one child from each of the eight families in which there was at least one child. Interested in the effects of number of siblings (X) on happiness of the...
-
Priming is required in a (a) gear pump (b) screw pump (c) reciprocating pump (d) centrifugal pump
-
An asset is classified as current if it a. was purchased within the last six months. b. will become cash, be sold, or be used up within 12 months. C. was purchased with cash. d. will last longer than...
-
Describe the layout of a typical fast-food franchise such as McDonalds. What type of layout is it? How does it support productivity? Do different franchises (e.g., Burger King or Wendys) have...
-
August 1 M. Harris, the owner, invested $12,250 cash and $52,675 of photogr exchange for common stock. August 2 The company paid $3,400 cash for an insurance policy covering the August 5 The company...
-
Chumpy Lighting Limited manufactures a wide variety of light bulbs which it sells to lighting shops and builders merchants through wholesale distributors. It also sells direct to the big UK...
-
Find the first four nonzero terms in a power series expansion about x = 0 for the solution to the given initial value problem. w" + 3xw' - w= 0; w(0) = 10, w'(0) = 0 w(x) =+. (Type an expression that...
-
What are four reasons that volunteers gave for volunteering to work at the 2004 Athens Olympics?
-
Explain the importance of the following to a company utilizing EDI: a. Formal trading partner agreement b. Bar coding c. Formal protocol for message acknowledgment d. Exception reports
-
What is a denial-of-service attack? How might a company detect a denial-of-service attack?
-
Which of the following best describes the auditors responsibility for detecting financial fraud versus detecting a defalcation? a. There is more responsibility for detecting financial fraud because...
-
What are application control procedures? How do they differ from general controls in a computerized environment?
-
What type of control is a dealership using when they are checking a customer's credit before approving them for a loan?
-
A fast-food restaurant averages 150 customers per hour. The average processing time per customer is 90 seconds. a. Determine how many cash registers the restaurant should have if it wishes to...
-
Your company has reaped the benefits of having long-term, tenured employees, but many of them are now approaching retirement. It is anticipated that approximately 20% of the companys workforce will...
-
Identify some of the advantages and disadvantages of eliminating the use of appraisal forms and ratings?
-
In developing a company workplace violence prevention program, management has become aware of concerns regarding a drug-free workplace. Several employees have recently come to HR requesting a leave...
-
What is a CPA's reporting responsibility when associated with unaudited financial statements of a public company?
-
What levels of service may a CPA provide on pro forma financial information?
-
Statements on Standards for Accounting and Review Services (SSARS) require an accountant to report when the accountant has a. Typed client-prepared financial statements, without modification, as an...
Study smarter with the SolutionInn App