Accounting Equation:
Assets = Liabilities + Equity

Explanation:
The given information can be used to create the following accounting equation:

Assets:
The goods that were sold for cash represent an increase in assets, specifically in the form of cash. The cash received from the sale is 3/4 of the total amount, which is calculated as follows:

24000 x 3/4 = 18000

Therefore, the asset side of the accounting equation will increase by 18000.

Liabilities:
There is no information provided in the question about any liabilities incurred during the sale, so the liability side of the equation will remain unchanged.

Equity:
The profit earned from the sale is calculated as follows:

Profit = Selling Price - Cost Price

The selling price is calculated by adding the profit percentage to the cost price. In this case, the profit percentage is 33 1/2%, which can be converted to a decimal as follows:

33 1/2% = 33.5/100 = 0.335

The selling price is calculated as follows:

Selling Price = Cost Price + Profit
Selling Price = 24000 + (0.335 x 24000)
Selling Price = 24000 + 8040
Selling Price = 32040

Therefore, the profit earned is:

Profit = Selling Price - Cost Price
Profit = 32040 - 24000
Profit = 8040

The profit earned represents an increase in equity. Therefore, the equity side of the accounting equation will increase by 8040.

Final Accounting Equation:
Assets = Liabilities + Equity
18000 = 0 + 8040

Conclusion:
The accounting equation shows the relationship between assets, liabilities, and equity. In this case, the sale of goods for cash resulted in an increase in assets and equity, with no change in liabilities. The accounting equation helps to ensure that the financial statements are accurate and balanced.