one of agency and not of sale of goods.
In the instant case Messrs Jones Williams &Co Ltd never delivered to Mr. Bossman a pro-forma invoice of its own stating the price at which it would sell the spare parts to Mr. Bossman or the time it would deliver the goods.
All that Messrs Jones Williams & Co, Ltd did was to give Mr. Bossman a copy of the telex from the suppliers, and asked him to pay for the cost of the spare parts calculated from the unit prices.
The obligation that Messrs Jones Williams & Co Ltd assumed towards, Mr. Bossman was that of using its best endeavors to procure the goods for him on the most favourable terms, and was not responsible for the delay.

when the TSS Company Ltd agreed to procure the goods for Messrs Jones Williams and Co. Ltd, TSS Co. Ltd did that as the agent of Messrs Jones Williams Co. Ltd, or as a principal party standing towards Messrs Jones Williams Co. Ltd in the relationship of a seller.
The contract between the supplier TSS Co. Ltd and Jones Williams and Co. Ltd was of the type in commercial circles knows as Free on Board(FOB) contract. By the rules of FOB Contracts, the supplier assumed the responsibility for shipping the goods to the buyer. In this case TSS Co Ltd, the supplier was to ship the spare parts to James Williams and Co. Ltd. (See section 62 of Act 137).
The seller TSS Co. Ltd, assumed no responsibility for insurance or freight nor did it give guarantees as to the time of the arrival of the ship at its destination.
The only representation which TSS Co. Ltd made was that it was ready and willing and able to deliver the goods (spare parts within three(3) months to any part in Japan nominated by James Williams and CO. Ltd and load them at their own expense on the ship designated by them ( Messrs Jones Williams & Co. Ltd).

The rule of FOB contract in section 62 of Act 137 states as follows:

• Buyer entitled and bound to nominate a ship to the seller calling during the agreed period.
• The seller is bound at his own expense, to have the good on the ship nominated by the buyer.
• The seller is bound at his own expense, to give such notice to the buyer.
• The seller is not bound to effect any insurance on the goods.
• The seller is bound to transmit to the buyer bills of lading by which the goods are deliverable to the buyer.
• The risk of the goods passes to the buyer when they are shipped.

Cost, Insurance and Freight (CIF) contracts.

• Seller is bound at his own expense to ship the goods during the period, if any, to the port agreed upon or to acquire goods afloat which have been so shipped.
• The seller is bound, at his own expense, to effect on the goods an insurance of the type normal for goods and voyage of the kind in question;
• The seller is bound to transfer to the buyer proper shipping documents in accordance with terms of the contract;
• The buyer is bound to take up proper shipping documents and, on doing so, to pay the price in accordance with the terms of the contract;
• The goods are deemed to be delivered to the buyer, and the property therein accordingly passes to the buyers, on the transfer to him of the bills of lading;
• The risk in the goods passes to the buyer when they are shipped or acquired afloat.

• Tracy Achiaa was a bonafide purchaser for value without notice under the provisions of the Sale of goods Act, 1962, Act 137, and, therefore, had a legal interest in the vehicle.By the provisions of Section 26 of the Act 137, property in the vehicle had passed to her.
• Even if under an agreement between Mr. Oko and Mr. Kobby Ayensu, Mr. Ayensu could be regarded as a mere agent of Mr. Oko, and as a mercantile agent in possession, Mr. Ayensu could, under Section 30 of Act 137, validly dispose of the vehicle to Tracy Achia.
• The vehicle was shipped to Mr. Kobby Ayensu by Olando motors Ltd. as a consignor, and Mr. Kobby Ayensu as a consignee. That by the bill of lading, Mr. Kobby Ayensu was the owner of the vehicle, as proclaimed to the whole world, and therefore. Tracy Achiaa validly acquired the vehicle from Mr. Ayensu, under a contract of sale which passed on valid title in the vehicle to her. And that Tracy Achiaa is, therefore protected, on the face of it all by Act 137.

Depreciation is a way of charging for the use of an asset in earning the current period’s profits. It spreads the cost of a non-current assets over its useful life. This is an example of accrual or matching concept.

The accruals or matching concept requires that the revenue earned in a period is matched with the expenses incurred in earning that profit. Therefore if a payment includes a prepayment for the following period, this must be excluded from ex-penses in the statement of profit or loss. In other words, cost are recognised on the basis of the period covered by those costs, not by the timing of the payment.

• Transposition: A transposition error is a simple error of data entry that occurs when two digits that are either individual or part of a larger sequence of numbers are accidentally reversed when posting a transaction. If one is reversed and the other is correct.
• Omission (if it’s one sided)
• Commission ( If one sided, or two debit entries are made)

• They provided a check on the accuracy of entries made in the personal accounts in the receivables and payables ledger.
• Control accounts also assist in the location of errors.
• Where there is a separation of clerical duties, the control account provides an internal check.

• Right to human dignity
• Right to personal liberty
• Right to fair trial

• Supreme Court
• Court of Appeal
• High court/ Regional Tribunal

Constitution is the basic law or the grundnorm

• It is the law that defines the power and limits of key organs of government including the Executive , legislature & Judiciary
• It is law that defines the fundamental rights of individuals
• All laws are subordinated to the Constitution
• Any law inconsistent with any provisions of the Constitution, to the extent of the inconsistency, the constitution prevails

• The name of the firm
• The registered address of the partnership and any branch offices
• The nature of the firm’s businesses
• The name and address of the foundation partners
• The amount and percentage of contribution of each partner to the capital of the firm
• Admission to partnership
• Exit from partnership
• Profit-sharing arrangements
• Monthly or other periodic drawing of funds
• Management and administration of the firm

• The remaining partners must, in accordance with section 7 of the Incorporated Private Partnership Act, 1962 Act 152, within 28 days of the retirement, notify the Registrar of Companies of the fact of the retirement
• The Registrar in turn, is bound upon notification to amend the certificate of registration of the company, and insert a notice in the gazette signifying the change

It is not part of books of accounts.

It is prepared periodically depending on the volume of transactions. It could be weekly, monthly or quarterly.

It’s meant for transactions which affect both bank accounts in the books of the com-pany (cash book) and its bank statements.

 Company Prepares the Statement.

The first and foremost feature of this statement is that it is the company which prepares this statement and bank has no role to play in this exercise and the only thing which company needs while preparing this statement is the bank account statement from the bank.

 Starting Point is Important.

The starting point is important as far as this statement is concerned because if company starts with balance as per cash book of the company than treatment of various items like interest credited by the bank, cash deposits made in the bank directly, cheques issued but not presented for payment will be different as opposed to that treatment if the starting point is the balance in bank account statement of the company.

 Not Compulsory.

Unlike financial statements like balance sheet and profit and loss account which are compulsory to prepare a bank reconciliation statement is not compulsory as no law requires a company to prepare this statement. This statement is basically prepared for the convenience of the company and also for early fraud detection as the majority of fraud involves bank account and if the company can put check and balance in the bank account then a company can save itself from any major fraud.