80 1 I riuos ibon A DOUBLE ENTRY SYSTEM AND ACCOUNTING EQUATION. Chapter 3 The following transactions are given Commenced business with goods Rs 16,000 Goods sold for cash Rs. 8,000 (profit Rs. 2,000) Goods costing Rs. 2,000 sold for cash at a profit of Rs. 300 d Goods costing Rs. 1000 sold for cash at a loss of Rs. 200 Required: Accounting equation. Ans. Assets Rs. 18,100. Les NC of Account