• I) The Saloon Car purchased on 31 March 2018 for K280,000 was sold on 31 March 2020 for K160,000 ii) The Utility Van bought on 1 April 2018 was involved in an accident and it was beyond economic recovery. Since it was comprehensively insured, the Insurer paid K324,000 after deducting 10% excess. Required: i. Explain the terms Balancing Allowance and Balancing Charge (2 Marks) ii. In both instances, calculate if there was any Balancing Allowance or Balancing Charge