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Sold good costing 5,00,000 at profit of 20% on cost price 60% for cash and rest on credit Give accounting equation?

Accounts Payable
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Question added by Nischit Gupta
Date Posted: 2018/05/31
Upvote (0) Views (6) Followers (2) Answers (2) Report Question
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Mennatullah Wahdan
by Mennatullah Wahdan , Accountant , Concept educational center

+ Cash 360000 +A/R 240000 = + sales 600000 Assets = liabilities + owner equity

Malik Adnan Qayyum
by Malik Adnan Qayyum , Senior Accountant , SAWACO Water Desalination

Sale Amount is 600,000 (500000+(500,000 x 20%))

Dr. Cash                        300,000 (Cost Price 500,000 x 60%)

Dr. A/C Receivable         300,000

                                   Cr Sale         600,000

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