1. Prepare all relevant accounts, balance off and trial balance2. Based on the Question above, provide your recommendation to Nour Ceramics. Nour Ceramics is a sole proprietorship business. The business purchase and sell high quality tilesfor luxury homes. The inspiration of the tiles' collections is between contemporary and naturaldesign. The beginning balance and business transactions relate to the business in the month ofFebruary 2020. Beginning balance (1 February 2020):Fixture and FittingsBankRM 20,000 (dt)RM 53,000 (dt)RM 21,000 (dt)RM 12,500 (dt)Accounts Payable (Golden Horse) RM 17,000 (ct)RM 89,500 (ct)InventoriesAccounts Receivable (ICEA)CapitalFebruary 20201Received RM7,500 cheque from Accounts Receivable ICEA.3Paid to Accounts Payable Golden Horse RM 7,000 by cheque.7Sold tiles amounted to RM5,300 to ICEA, on credit. The cost of the tiles, RM4,077.12Purchased tiles amounted to RM 4,000 from Golden Horse, on credit.13Returned tiles amounted to RM 700 to Golden Horse due to wrong specification.15Sold tiles amounted to RM7,000 on credit to Tropical Garden with the term 2/10, n/30. Thecost of the tiles, RM5,38520Received payment from Tropical Garden by cheque. Credit terms applied.Ending inventory amount was RM14,838

In the given question we provided the data of Nour ceramics that is a sole proprietorship business.…

Answered: Nour Ceramics is a sole proprietorship…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…
The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…
In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…
The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept   1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…
The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept   1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…
The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept   1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…
The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged goods to Suzie Ltd amounting to RM 50 and settled amount due by cash after receiving discount…
1. on 1st Jan 2019 a club had received prepaid subscription of GHS 560. during the year ended 31 december 2019, the club received subscription GHS8480. on 31 december 2019 subscription to the club amounted to GHS400. which amount should be shown for subscription in the income and expenditure account for 2019. 2. A company has sales of GHS1000. the company sells three types of goods. 60% of sales are of type A which is sold at a markup of 20%. Type B goods are sold at a margin of 30%. The cost of type B sold in the year was GHS154 and total gross profit for the year was GHS184. What was the cost of sales of type A?
The Following are the accounts of Regina Merchandising for December 31,2019: Sales ₱2,500,000 Salaries Expense 50,000 Supplies Expenses 75,000 Depreciation Expense 60,000 Utilities Expense 40,000 Insurance Expense 20,000 Rent Expense 90,000 Beginning Inventory 50,000 Purhases 1,500,000 Ending Inventory 100,000 Sales Discount 5,000 You were employed by the entity as its bookkeeper in its first year of operations. You are now to prepare the necessary financial statements for the current year. Accordingly, 15% of rent, depreciation and utility expenses pertain to the sales office while the rest pertains to the corporate office. Instructions: 1. How much is the net sales for the year? 2. How much is the cost of sales for the year? 3. How much is the gross profit of the year? The Following are the accounts of Regina Merchandising for December 31,2019: Sales ₱2,500,000 Salaries Expense 50,000 Supplies Expenses 75,000 Depreciation Expense 60,000 Utilities Expense 40,000 Insurance Expense…
The Following are the accounts of Regina Merchandising for December 31,2019: Sales ₱2,500,000 Salaries Expense 50,000 Supplies Expenses 75,000 Depreciation Expense 60,000 Utilities Expense 40,000 Insurance Expense 20,000 Rent Expense 90,000 Beginning Inventory 50,000 Purhases 1,500,000 Ending Inventory 100,000 Sales Discount 5,000 You were employed by the entity as its bookkeeper in its first year of operations. You are now to prepare the necessary financial statements for the current year. Accordingly, 15% of rent, depreciation and utility expenses pertain to the sales office while the rest pertains to the corporate office. Instructions: 1. How much is the net sales for the year? 2. How much is the cost of sales for the year? 3. How much is the gross…
Lady G, has a beauty shop located in SM Cebu. For the year, 2021, Lady’s beauty shop collected P2,500,000 from customers and paid P1,450,000 operating expenses. At December 31, 2020 and December 31, 2021, the shop had the following accounts with balances as follows: Dec. 31, 2020 Dec. 31, 2021Prepaid expenses------------------ 25,000 ----- 18,000Accrued expenses ----------------- 17,000 ------ 24,000Service fees receivable------------- 18,000 ------ 35,000Unearned service fees ------------- 46,000 ------- 12,000Under the accrual basis, Operating Expenses to be reported by Lady G for the year 2021 amounts to
Lady G, has a beauty shop located in SM Cebu. For the year, 2021, Lady’s beauty shop collected P2,500,000 from customers and paid P1,450,000 operating expenses. At December 31, 2020 and December 31, 2021, the shop had the following accounts with balances as follows: Dec. 31, 2020 Dec. 31, 2021Prepaid expenses------------------ 25,000 ----- 18,000Accrued expenses ----------------- 17,000 ------ 24,000Service fees receivable------------- 18,000 ------ 35,000Unearned service fees ------------- 46,000 ------- 12,000Under the CASH basis, service Fees to be reported by Lady G for the year 2021 amounts to

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