9:19 ..l LTE Company Law (Question Paper)-1.docx LEDIUIVIE KILLERY "EXCEPTIONAL" CASES. v. CONTACT YOUR CLASS REPRESENTATIVE OR THE FACULTY IT STAFF IF YOU HAVE DIFFICULTIES SIGNING UP FOR TURNITIN SOFTWARE OR SUBMITTING YOUR ANSWERS. CONTACT THESE PEOPLE BEFORE THE TIME FOR FINAL SUBMISSION IS OVER. 1. Solaris LTD took a loan facility from Leave Me Alone Bank. As part of the loan repayment evaluation, Solaris must deliver its balance sheet to the Bank. The current bookkeeper of Solaris, a final-year student at KNUST School of Business prepared the document below: Solaris LTD. Balance Sheet (unaudited) April 30, 2020 Assets Current Assets Cash GHC 1,000 A/R 100,000 Work in Progress 50,000 Supplies and Materials 80,000 Equipment (at cost) 150.000 Total Current Assets 381,000 Other Assets Office Lease in shopping center (3yr.) Total Other Assets Total Assets 20000 2000 383.000 Liabilities Current Liabilities A/P Payroll Bank Loan-current Equipment Loans Total Current Liabilities 80,000 50,000 10,000 30,000 170,000 Other Liabilities Lease-Office Bank Loan (3yr.) Total Other Liabilities Total Liabilities 2000 211.000 213,000 383.000 In Stephen Oti and 200 others v. Solaris Ltd, the plaintiffs are praying for punitive and exemplary damages against Solaris Ltd, claiming that the company sold defective bleaching products leading to skin cancer and many other skin diseases. The suit is currently pending before the High Court Commercial Division Kumasi. Leave Me Alone Bank has retained you to study the balance sheet of Solaris. Advise the Bank whether or not Solaris is insolvent; and if insolvent any legalaptionil.blete the Bank. 9:19 ..l LTE Company Law (Question Paper)-1.docx LEDIUIVIE KILLERY "EXCEPTIONAL" CASES. v. CONTACT YOUR CLASS REPRESENTATIVE OR THE FACULTY IT STAFF IF YOU HAVE DIFFICULTIES SIGNING UP FOR TURNITIN SOFTWARE OR SUBMITTING YOUR ANSWERS. CONTACT THESE PEOPLE BEFORE THE TIME FOR FINAL SUBMISSION IS OVER. 1. Solaris LTD took a loan facility from Leave Me Alone Bank. As part of the loan repayment evaluation, Solaris must deliver its balance sheet to the Bank. The current bookkeeper of Solaris, a final-year student at KNUST School of Business prepared the document below: Solaris LTD. Balance Sheet (unaudited) April 30, 2020 Assets Current Assets Cash GHC 1,000 A/R 100,000 Work in Progress 50,000 Supplies and Materials 80,000 Equipment (at cost) 150.000 Total Current Assets 381,000 Other Assets Office Lease in shopping center (3yr.) Total Other Assets Total Assets 20000 2000 383.000 Liabilities Current Liabilities A/P Payroll Bank Loan-current Equipment Loans Total Current Liabilities 80,000 50,000 10,000 30,000 170,000 Other Liabilities Lease-Office Bank Loan (3yr.) Total Other Liabilities Total Liabilities 2000 211.000 213,000 383.000 In Stephen Oti and 200 others v. Solaris Ltd, the plaintiffs are praying for punitive and exemplary damages against Solaris Ltd, claiming that the company sold defective bleaching products leading to skin cancer and many other skin diseases. The suit is currently pending before the High Court Commercial Division Kumasi. Leave Me Alone Bank has retained you to study the balance sheet of Solaris. Advise the Bank whether or not Solaris is insolvent; and if insolvent any legalaptionil.blete the Bank
