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Hbc2301:Project Management Question Paper
Hbc2301:Project Management
Course:Bachelor Of Commerce
Institution: Meru University Of Science And Technology question papers
Exam Year:2013
QUESTION ONE 25 MARKS
(a) State and explain the fundamental requirements of a valid will. (6Marks)
(b) Briefly discuss the various types of legacies that many be bequeathed by way of a will. (8Marks)
(c) Murithi Elias, a widower, died intestate on 1st January, 2010. He is survived by his two sons, karithi and Mutwiri, and a daughter Rose. His other daughter, Mwendwa predeceased him. Mwendwa is survived by a son, Kelvin and a daughter Makena.
During his lifetime Murithi had advanced his sons shs. 500,000 each to enable them commence and run a hardware business. He had also advanced shs. 400,000 to Makena to purchase equipment for use in her hair salon business. The net estate of Murithi after paying all the expenses and liabilities on 31st May, 2010 was shs. 1,000,000.
Required
A distribution statement showing how the net estate of Murithi Elias would be shared. (11Marks)
QUESTION TWO 15 MARKS
(a) Briefly explain the meaning of the terms as used in the law of succession: (i) Testatrix (2Marks) (ii) Partial intestacy (2Marks) (iii) Presumption of survivorship (3Marks)
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(b) Compare and contrast the following terms? (i) Bequest and device (2Marks) (ii) Testamentary dispositions and intestacy (2Marks) (iii) Probate and codicil (2Marks) (iv) Executor and Administrator (2Marks)
QUESTION THREE 15 MARKS
(a) In the context of the Law of Succession Act, briefly discuss the following terms: (i) Implied Trust (2Marks) (ii) Protective Trust (2Marks) (iii) Statutory Trust (2Marks)
(b) Simon Makonde died on 1st January, 2008 leaving the following estate:
Shs. Local Sacco deposits 480,660 Interest accrued on Sacco deposits to date 1,860 6000 ordinary purchases of shs. 20 each in ABC Ltd. 105,000 2000 ordinary shares of shs. 20 each in Maji Ltd. 98,000 Balance at Bank 562,520 Personal and Household effects 30,000 Shs. 1,000,000 12% government stocks 960,000 Freehold property 500,000
Debts due to be paid by Simon Makonde amounted to shs. 12,800. The funeral expenses incurred upon his death amounted to shs. 68,400.
Simon Makonde had in his will made the following bequests:-
(1) To my wife Ann, household and personal effects and the sum of sh. 100,000 (2) To my sons Arnod and Peter, the sum of shs. 50,000 each. (3) To my brother Jonathan, my holding of 1000 ordinary shares in Maji Ltd. (4) To my sister Josephine, the sum of shs. 40,000 (5) To my daughter Jane, the sum of shs. 70,000
The following transactions took place during the four months to April
Date 31st January 2008 Received dividend of 10% for the year ended 31st December 2007 on shares in ABC Ltd and half years interest on the 12% government stocks to date.
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1st February, 2008 Received the sums of shs. 495,000, shs. 110,000 and shs. 950,000 being net proceeds from the sale of freehold property, shares in ABC Ltd and 12% government stocks respectively. 2nd March, 2008 Paid Capital Tax amounting to shs. 104,000. 31st March, 2008 Withdrew balance of shs. 490,560 from local Sacco deposits including interest accrued on Sacco deposits to date. 30th April 2008 Paid administration expenses of shs. 26,040 (all capital) together with the debts due and funeral expenses.
You ascertain the following:
? Simon Makonde was survived by his wife Ann, his sons Arnod, daughter Jane and his brother Jonathan. ? Peter and Josephine died in a road accident in May 2007. ? Peter was survived by his widow Beth whom had no children ? Josephine was survived by his two sons, Steve and Joe. All the legacies were distributed on 30th April, 2008
Required:
(i) Estate Capital Account (4 Marks) (ii) Estate Cash Book (5 Marks)
QUESTION FOUR 15 MARKS
(a) Define the term Trust and explain various ways in which a trust can be terminated. (5Marks) (b) Explain three ways in which a will can be revoked. (3Marks) (c) What are the duties of an administrator as enumerated in the Law of Succession Act Cap 160,
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