old furniture was sold for 760 in exchange for a new furniture worth 1680 .the net invoice price 920 was passed through purchases book (plzzz adjust it into profit and loss account)
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Old furniture sold is ₹760
Exchange for a new furniture is ₹1680
=₹1680 - ₹760
=₹820 is profit
And purchase book 920
=920-820
=₹100 is loss
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Answered by
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Old furniture was sold for = ₹760
Exchange for new furniture = ₹1680
Since,
=₹1680 - ₹760
=₹820 is profit
A book was purchase book for ₹920
Since,
=920-820
=₹100 is loss
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