Question One Banky Inc is a technology company performing research for pharmaceutical companies. The finance director has contacted your financial consulting company to discuss issues relevant to the de-recognition of a non-current asset. Required: Prepare notes for your meeting with the finance director which explain and justify the accounting treatment of these issues. Use an illustrative example of an asset that was bought during a particular financial year and sold during the year of another financial year. Question Two The following is Mr Ade's Sales ledger control account for July 2020 Dr Cr N N Bal b/d 48,020 Bal b/d 1,450 Credit Sales 738.430 Returns Inwards 9,100 Cash 385,290 Discount Allowed 12,000 Bad Debt Written Off 1,150 Contra/Set off 2,090 Bal c/d 375,370 786,400 786,450 Bal b/d 375,370 Required: i. Explain the significance of control accounts? ii. Discuss one limitation of using control account iii. What are the implications of the contra entry and the opening credit balance in the control account above iv. State and briefly explain two (2) items (relevant to sales and receivables) that should not be recorded in the Sales ledger control account