ABC Brothers have an opening inventory of Rs.7,000 and a closing inventory of Rs.8,000. Purchases for the year were Rs.90,000, carriage inward was Rs.5,000 and carriage outward was Rs.4,500. ABC Brothers sold some items of inventory for Rs.2,000 in cash during the year, which was purchased for Rs.2,500. The owners of business brought an additional capital of Rs.8,000 during the year and withdrew goods of Rs. 3,000 from the business for his private use. At the end of the year profit reported in income statement is Rs. 72,000. Owners equity at the beginning of the period was Rs.100,000.

What will be the:

Cost of goods sold.

Owners equity at the end of the year.

Effect of sale of inventory on assets (Just mention the effect as: Increase in asset by Rs.??? or Decrease in asset by Rs.??? or No Effect on asset).

Effect of sale of inventory on owners equity of business (Just mention the effect as: Increase in owners equity by Rs.??? or Decrease in owners equity by Rs.??? or No Effect on owners equity). Note: only the effect of sale of inventory on owners equity is required in this part. Effect of given net profit of Rs. 72,000 on owners equity is not required.