Mr Johannes started business with Cash N$200000; purchased goods for cash N$60 000 and on credit N$150 000; sold goods for cash costing N$40 000 at a profit of 20% and on credit costing N$72 000 at a profit of 25%. He paid for rent N$5 000. Determine the selling price for goods sold for cash Answer:

Mr Johannes started business with Cash N$200000; purchased goods for cash N$60 000 and on credit N$150 000; sold goods for cash costing N$40 000 at a profit of 20% and on credit costing N$72 000 at a profit of 25%. He paid for rent N$5 000. Determine the selling price for goods sold for cash Answer:

Name: Mr Johannes started business with Cash N$200000; purchased goods for
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Description: Mr Johannes started business with Cash N$200000; purchased goods for cash N$60 000 and on credit N$150000; sold goods for cash costing N$40 000 at a profit of 20% and on credit costing N$72 000 at a profit of 25%. Hepaid for rent N$5 000.Determine t

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....

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