Old furniture sold for Rs.15,000 (cost Rs.18,000)
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Cash A/c ... Dr. 15,000
Profit and Loss A/c ... Dr. 3,000
To Furniture A/c ... Cr. 18,000
(Being the furniture sold with loss of Rs. 3,000)
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Answer:
CP = Rs. 18000
SP = Rs. 15000
It's loss
Loss= CP - SP
= Rs. 3000
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