As a standard practice, the company does not recognize a provision for a guarantee of good operation of the products sold. Based on past statistics, the cost of repairing damage of products sold in the fiscal year amounts to € 500 while the cost of repairing damaged products sold in previous years amounts to € 600. If the balance sheet net worth is 5000, what will be the actual net worth at the end of the fiscal year?

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is