I'm working on a accounting multi-part question and need an explanation and answer to help me learn.

Q1. Discuss with your own examples the two methods of accounting for account receivables with cash discountsand the two methods for estimating bad debts.

(Note: Numerical Examples must include Journal entry)

Q2 Explain the concept of LCNRV and its applicability to Agricultural Inventory and

Commodity Broker-Traders(1 Mark)

Answer:

Q3 .Give numerical examples for Gross profit and retail Methods of Estimating ending Inventory.