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Depreciaton Exp. a/c DR
Accumulated Depr.-Asset A/C CR
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Sales for ABC Company were Rs.150,000 for 2003.The beginning inventory was 30% of the cost of goods sold.The ending inventory was 50% of the beginning invetory.Selling expenses were 10% of sales and absorbed 30% sales.Income taxes were 30% of net income before taxes.
Two months rent of Rs 25000/- was adjusted in Rental advance account at the time vacating office
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