Question 3 a) b) Explain using examples, the following accounting terms: 1) Intangible Fixed Asset ) Depreciation m) Contingent liability The following transactions relate to T. Dume Traders, a small retail business. Draw up the balance sheets for T. Dume at the end of day 2 day 3 day 4. day 5.... ie. prepare 4 balance sheets as per the example shown in figureQ3c below. Day 1: Terry Dume deposited 40.000 in capital in a business bank account in the name of T.Dume Traders" T.Dunne Traders Ltd Balance Sheet at the end of Day 1 Fixed Assets 0 0 Current Assets Bank 40,000 40,000 Current Liabilities 0 Net Current Assets 40,000 Net Assets 40,000 Financed By: Capital 40,000 40,000 FigureQ3e: Balance Sheet end of day 1 Day 2: T.Dume_Traders purchased Land, paying by cheque, 18,000 Day 3: T. Dime_Traders acquired inventory on credit for 2,000 Day 4: T. Duome_Traders acquired firniture on credit for 9,000. Day 5: T.Dumme_Traders paid 9,000 in respect of the amount owng for fimiture