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.
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