Prepare the journal entry on the basis of the following:
1. Rakesh commenced business with cash. Rs 1,50,000
2. Furniture purchased for cash . Rs 20,000
3. Purchased goods from Mahesh on credit. Rs 25,000
4. Sold goods (costing Rs 10,000) to Mohan for cash. Rs 14,000
5. Additional Capital introduced. Rs 20,000
6. Commission received in advance. Rs 2,000
7. Paid to creditor (Mahesh) in full settlement. Rs 22,500
8. Sold goods (costing Rs 15,000) for Rs18,000 out of which Rs 5,000 received in
cash.
9. Depreciation on furniture provided @ 10%.
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the answer rs is 18000...The answer is 4500
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