1. Identify the accounting concept applicable on the following records for Dan on 30^th September, 2022. Support your answer
2. Closing inventory was valued at sh. 40,000
3. Motor vehicle bought in 2018 at sh. 400,000
4. Office staple pins bought at sh. 600. Half of the pins were unused as at close of financial year
5. Rent due of sh. 12,000 at 30.6.2023

Dan paid school fees for his daughter from business money sh. 40,000 for September- December semester.