accounting equation no. 5 find out the cost of good sold , gross profit and net income from the following information. purchaes rs.50000, freight rs.3000, carriage rs.2000, salaries rs.5000, shop rent rs.1000, godown rent rs.1000 , electricity charges rs. 1200 , municipal taxes rs.400 , stationary rs.500 , furniture rs.estimated life 5yrs rs.24000, sales 2700 articles rs. 64000
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S. No.TransactionAssets=Liabilities+CapitalCash+Furniture+Stock=Creditors (i)Sandeep started business with cash1,00,000 +1,00,000 1,00,000 = +1,00,000(ii)Purchased furniture for cash–5,000 +5,000 95,000+5,000 = +1,00,000(iii)Purchased goods for cash–20,000 +20,000 75,000+5,000+20,000= +1,00,000(iv)Purchased goods on credit +36,000 +36,000 75,000+5,000+56,000=36,000+1,00,000(v)Rent paid-700 –700 74,300+5,000+56,000=36,000+99,300(vi)Goods costing Rs 40,000 sold at a profit of 20% for cash+48,000 -40,000 +8,000 1,22,300+5,000+16,000=36,000+1,07,300
Working Note:
WN1 Calculation of Sale Price

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