QUESTION 3 The following information relates to the first week of trading for Mr. Oliver Jones, a sole- trader, who began his clothing retail business in November 2019: 1/11/2019 Oliver opened a business bank account and lodged 300,000_of his own money into it. 1/11/2019 Oliver leased premises from where he intended to sell his clothes. Oliver paid the landlord 9,000 to cover January's rent. 5/11/2019 Oliver purchased clothes for re-sale and paid his supplier 225.000 by cheque. 10/11/2019 Oliver purchased fixtures and fittings for 54,000 and paid by cheque. 15/11/2019 Oliver purchased goods for resale for 15,000 from his supplier on credit 26/11/2019 Cash sales were 85.200 and the cash was lodged in the bank. 29/11/2019 Oliver paid himself wages of E1,000 for the month using money from the bank Requirement: Write up all the above transactions in the nominal ledger (14 marks) Extract a trial balance at the 31/11/2019. (4 marks) (b) Oliver Jones decided to set up business as a sole trader. Requirement: Discuss briefly THREE advantages and THREE disadvantages of operating as a sole trader. (12 marks) Total Question 3: (30 marks) Page 5 of 7