jozaf automobile company purchased 58 motor truck at rs 70000 per truck from complex motor company on account the company sold 54 motor truck at 1000000 per motor truck on credit the company incurred marketing and administrative expenses rs 10000. the company recieved cash from customer and settled in accounts payable. the beginning motor truck inventory is rs 90000.record the following transactions under perpetual entry system and find net income or net loss at the end.

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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