Those questions carry a lot of marks so please make a sure correction

and Detailed explanation, please

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Question 8

Bugema University imported a Toyota land cruiser at Cost, Insurance and freight (CIF) value shs 300 million on 1 January 2019. Due to delays in clearing the car at Mombasa, the company was fined an equivalent of shs 2 million. Transport cost from Mombasa, registration fees and taxes amounted to shs 10 million. The expected useful life of the car is 10 years. On 1st January 2020, due to the changes in the way the asset was used, the company decided that the total useful life to 8 years.

During 2020, Bugema incurred 45 million in repairing and maintaining the car. In January 2021 Bugema university plans to Dispose of the Car to one of the employee at 210 million.

Required Explain how the above transactions will be treated in the financial statements for the year ended 31.Dec. 2019 and 2020. (10 marks)

Prepare the financial statements extracts for the year 2019 and 2020 to present the above information. (10 marks)

Question 9

Merry opens a new factory and receives government grant of shs 300,000 in respect of capital equipment costing shs 2,000,000. Depreciation on plant and machinery at 20% straight line

Required: Extract statement of financial position in the first year, using both methods . (10 marks)

Question 10

Write short notes on the fundamental concepts of accountancy with relevant examples on how they are applied. (@ 2 marks)

a. Accounting concepts

b. Accounting bases

c. Accounting policies

d. Going concern

e. Consistence

f. Prudence

g. Accrual concept

h. Materiality

i. Historical cost

j. Matching principle

k. Realisation

Question Bugema University imported a Toyota land cruiser at Cost Insurance and freight (CF) value shs 300 million on 1 January 2019. Due to delays in clearing the car at Mombasa the company was fined an equivalent of shs 2 million. Transport cost from Mombasa registration fees and taxes amounted to shs 10 million. The expected useful life of the car is 10 years. On 1st January 2020, due to the changes in the way the asset was used, the company decided that the total useful life to 8 years. During 2020, Bugera incurred 45 million in repairing and maintaining the car. In January 2021 Bugema university plans to Dispose of the Car to one of the employee at 210 million Required Explain how the above transactions will be treated in the financial statements for the year ended 31 Dec 2019 and 2020. (10 mars Prepare the financial statements extracts for the year 2019 and 2020 to present the above information (10 marks Question 9 Merry opens a new factory and receives government grant of shs 300,000 in respect of capital equipment costing shs 2.000.000. Depreciation on plant and machinery at 20% straight line Requiret Extract statement of financial position in the first year, using both methods (10 more Question 10 Write short notes on the fundamental concepts of accountancy with relevant examples on how they are applied. @ 2 marks a Accounting concepts b. Accounting bases c. Accounting policies d. Going concern e. Consistence Prudence g. Accrual concept h. Materiality i. Historical cost j. Matching principle k Realisation 1. Dual aspect