Question: This is a subjective question, hence you have to write your answer in the Text-Field given below. Prepare journal entry for each transaction given below.

This is a subjective question, hence you have to write your answer in the Text-Field given below.

Prepare journal entry for each transaction given below. Please note that you are required to identify the specific accounts (like cash, ac receivable, and so on) affected by the transactions.

[10 Marks]

1.Ram started a business with capital (cash) of Rs50,000

2.Inventory of Rs20,000 purchased for cash 3.Sale of goods to XXM of Rs22000 on credit.

4.Cost of goods sold was Rs12,000

5.Paid rent of Rs1500

6.Cash received from XXM on its account Rs5000

7.Deposited Rs11,000 into the bank

8. Wage payment of Rs2000

9.Purchased equipment worth Rs25,000 for cash

10.Credit purchases of inventory worth Rs10000

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