Goods costing ₹ 10,000 have been sold for cash at 25% profit. How will the transaction be shown in the Accounting Equation?
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Increase cash by ₹ 12,500; Decrease stock by ₹ 10,000; and Increase capital by 2,500.
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Proprietor of the firm has withdrawn goods for his personal use. The accountant has recorded it as sale in the books of accounts. Is he correct in doing so?