Question

Profit or Loss on Sale of Goods and Fixed Assets
Journalise the following transactions in the books of Somnath :
2017
Feb. 1. Goods costing 2,000 sold at a profit of 3 500.
Feb. 2. Machinery costing 4,000 sold at a profit of 1,000.
Feb. 6. Goods worth 9,000 sold at a loss of 10%.
Feb. 7. Furniture costing 12,000 sold at a loss of 5%.
Feb. 12. Goods worth 10,000 purchased for 12,000.
Feb. 13. Computer worth 25,000 purchased for 28,000.
Hints : Goods or assets purchased are recorded at their purchase price. Their actual
worth is irrelevant in accounting.​

Answer 1

Answer:

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