Goods Sold at Profit -Accounting of Transaction
Goods amounting to ₹45,000 were sold for ₹60,000 on a cash basis.
- It affects Cash and Inventory on the assets side and capital on the other side.
- There is an increase in cash by ₹60,000 and a decrease in inventory of goods by ₹45,000 on the assets side of the equation.
- Capital increases by ₹15,000.
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