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PART (ii) Mannion Ltd has been trading for a number of years and prepares financial statements each year to the 31 December. Several of the managers employed in the business have company cars. In order to record the running cost of these vehicles, the company maintains a combined account for motor insurance and servicing costs. The following motor insurance and servicing cost data relates to the year ended 31 December 2015 Motor Insurance At 1 January 2015 2,800 was prepaid for the half year ended 30 June 2015 On 28 June 2015 Paid 1,600 for the half year to 31 December 2015. On 27 December 2015 Paid 1,650 for the half year to 30 June 2016 Servicing Costs At 1 January 2015 1,780 in servicing costs for work performed in 2014 was due but unpaid On 10 January 2015 Paid 1,200 in servicing costs. On 31 March 2015 Paid 520 in servicing costs. On 27 May 2015 Paid 1,120 in servicing costs. On 15 September 2015 Paid 890 in servicing costs. Other servicing costs totalling 1,010, which were incurred on 29 December 2015, were not paid for until 5 January 2016. Requirement (a) Prepare the combined motor insurance and servicing costs account for the year ended 31 December 2015 (b) Explain what is meant by the "accruals concept" or the "matching concept" and explain how it has been applied in (a) above

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