Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ICA 5 Margaret owned an antique store that specialised in rare porcelain dolls. When she opened the business in 1989, it was at a shop

ICA 5

Margaret owned an antique store that specialised in rare porcelain dolls. When she opened the business in 1989, it was at a shop in an eastern suburb of Gaborone. In 1999 she started to advertise on the Internet and by 2006 the business had grown to the point where she needed help to keep the business going. After a family discussion one night at the kitchen table in July 2006, it was agreed that Margaret would probably keep the business going for another couple of years and then retire. Emily, her youngest daughter and aged 16, would work in the shop as long as was needed and in return, she would receive any unsold dolls. When Margaret retired at the end of 2009, she decided that she would give the unsold stock to charity and they could auction it and keep the proceeds.

Question

1 VERDICT

Q 1 Read the case and write verdict only

ICA 6

Richard, an impoverished university student, and his millionaire father enter into an arrangement where Richard agrees that he will keep the front- and backyards of the family property mowed, and he will do a bit to keep the gardens looking tidy. In return, his father agrees to pay him a weekly allowance of P200. His father had previously used a garden contractor to do the job and paid him P350. They live on a one-hectare property, and the mowing alone takes half a day a week. After four weeks, Richards father tells him that he cant afford to pay P200 a week. He says that Richard should be doing the work for nothing, as it is the responsibility of the whole family to look after the property; besides, he says, Richard is getting free board and lodging.

VERDICT

Q 1 Read the case and write verdict only

ICA 7

Thabiso took an insurance policy with Cover-link Insurance Brokers. The sum assured was substantial. In the policy, Thabiso was described as a first-class life. However, Thabiso did not disclose in the proposal for that he was keen mountaineer. The proposal as filled in by an insurance agent on his behalf. Although Thabiso told the agent that he as 42 years old, the agent, for reasons best known to him wrote 32 years. Thabiso signed the form without reading it. Before the first premium was paid, Thabiso fell off the cliff and was badly injured. His wife then quickly made a premium chegue to Cover-link Insurance Brokers. Thabiso died during an operation on his injuries.

Q 1 Read the case and write verdict only

ICA 8.

Paula rented an apartment to Dave for P5000 per month. Paula and Dave signed a one-year lease, to be effective beginning January 1st. After three months, Dave decided that he did not like the apartment. He gave Paula a 30- day written notice, stating that he would vacate the rental unit at the end of the thirty days, which was April 30th. Upon receipt of Daves notice, Paula made reasonable efforts to find a new tenant. Nevertheless, the apartment remained vacant from May 1st. through June 30th. Paula re-rented the apartment beginning July 1st. for one year. Paula sues Dave in small claims court.

VERDICT

Q 1 Read the case and write verdict only

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial accounting

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

IFRS Edition

9781119153726, 978-1118285909

More Books

Students also viewed these Accounting questions