analyse the following business transactions accounts affected classification of acco 618968
Analyse the following business transactions: accounts affected, classification of accounts, apply rules of debit and credit
- Sri Ram commences a business with a capital of Rs 5,00,000 in the name of Ram Enterprises.
- Bought goods for Rs 1,00,000.
- Bought goods from Jain for Rs 75,000.
- Goods sold to Gupta for Rs 90,000.
- Goods sold to Lal for cash Rs 60,000.
- Bought machinery for cash Rs 2,20,000.
- Paid into State Bank of India Rs 55,000.
- Bought office furniture from Modern Furn Mart for Rs 45,000.
- Received rent Rs 3,000.
- Paid salary to staff Rs 65,000.
- Bought shares in Real Ltd for Rs 15,000.
- Paid Ram’s insurance premium Rs 3,300.
- Withdraw from Bank Rs 10,000.
- Bank collected dividends on investments on our behalf Rs 6,200.
- Received from Ashok a bill at two months for Rs 25,000.
- Accepted the bill drawn by Sathyam Rs 55,000.
- Paid by cheque for an advertisement Rs 7,500.
- Paid by cheque for rent Rs 11,000.
- Received commission from Balu and Co. Rs 3,500.
- Paid for repairs (office) Rs 3,000.