- Differentiate the following terms as used in accounting.
- Accruals and prepayments.
- Drawings and depreciation
- Discount received and discount allowed
- Returns inward and returns outwards
- John Keen acquired a motor vehicle at $ 3,000 paid cash on 1st January 2004. The company depreciates the motor vehicle at 10% on the cost per year.
- Compute depreciation for five years.
- Draw the depreciation expense account and accumulated depreciation account.
- On 12st January 2004 XYZ Limited made credit sales as follows:
- Invoice No. 001 sales to Musa Sh. 5,000,000
- Invoice No. 002 sales to Jacob Sh. 2,000,000
- Invoice No. 003 sales to Jemimah Sh. 3,000,000
- Invoice No. 005 sales to John Sh. 1,500,000
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