QUESTION 3 (30 MARKS) 1 3 12 13 Nour Ceramics is a sole proprietorship business. The business purchase and sell high quality tiles for luxury homes. The inspiration of the tiles collections is between contemporary and natural design. The beginning balance and business transactions relate to the business in the month of February 2020. Beginning balance (1 February 2020): Fixture and Fittings RM 20,000 (dt) Bank RM 53,000 (dt) Inventories RM 21,000 (dt) Accounts Receivable (ICEA) RM 12,500 (dt) Accounts Payable (Golden Horse) RM 17,000 (et) Capital RM 89,500 (ct) February 2020 Received RM7,500 cheque from Accounts Receivable ICEA. Paid to Accounts Payable Golden Horse RM 7,000 by cheque. 7 Sold tiles amounted to RM5,300 to ICEA, on credit. The cost of the tiles, RM4,077. Purchased tiles amounted to RM 4,000 from Golden Horse, on credit. Returned tiles amounted to RM 700 to Golden Horse due to wrong specification. Sold tiles amounted to RM7,000 on credit to Tropical Garden with the term 2/10, n/30. The cost of the tiles, RM5,385 20 Received payment from Tropical Garden by cheque. Credit terms applied. Ending inventory amount was RM14,838 Required: a) Journalize the transactions (Use periodic system) (8 marks) (CLO3:PL04/PL07:C4) b) Prepare all relevant accounts, balance off and trial balance ( 13 marks) (CLO3:PLO4/PL07:C4). c) Statement of Profit and Loss for the month ended 29 February 2020. (5 marks) (CLO3:PL04/PL07:04) d) Based on the Question (b) above, provide your recommendation to Nour Ceramics. (4 marks) (CLO3:PLO4/PL07:04) 15 ACCT1002/June2021 Page 5 of 7