On 1 May the Sea Traders Company purchased 200 spare parts for fishing boats, costing 20 each.

Question:

On 1 May the Sea Traders Company purchased 200 spare parts for fishing boats, costing £20 each. On 5 May, 60 of these spare parts were sold to a customer at a price of £25 each. The customer paid in cash immediately.
(a) Calculate the profit made on this transaction.
(b) Explain the impact of each transaction on the accounting equation.
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: