Question

Goods costing Rs. 10000 has been sold at 25% profit.Explain the effect of this transaction.

Answer 1

Answer:

Accounting equation, also called the balance sheet equation, represents the relationship between the assets, liabilities, and owner's equity of a business.

It is the foundation for the double-entry bookkeeping system.

For each transaction, the total debits equal the total credits

Accounting equation

Asset = capital + liabilities  

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Solution

Stock (Asset) will decrease by 10000

Cash (Asset) will increase by  12500

Capital (profit ) will increase by 2500

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Answer 2

Answer:

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