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Mt.ramana started business under the name of ramana company.the details of the transactions of his business are given below 1.commenced business with capital 100000 2.bought goods on credit from ramesh 80000 3.bought furniture for cash 10000 4.sold goods for cash 40000 5.paid ramesh on account 40000 6.paid shop rent 10000 7.Paid salary 5000 8.sold goods on credit to vimal 25000 9.with draw cash for parsonal use 10000 10. received commission 5000?
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Mt.ramana started business under the name of ramana company.the detail...
Transaction Details:
1. Commenced business with capital 100,000:
- The business started with an initial capital of 100,000 rupees. This capital is contributed by Mt. Ramana, who is the owner of the business. It is the amount invested by the owner to start the business.
2. Bought goods on credit from Ramesh 80,000:
- Mt. Ramana purchased goods worth 80,000 rupees from Ramesh on credit. This means that the payment for these goods will be made at a later date as per the agreed terms between Mt. Ramana and Ramesh.
3. Bought furniture for cash 10,000:
- Furniture is an asset of the business. Mt. Ramana bought furniture for 10,000 rupees and made the payment in cash. This transaction reduces the cash balance of the business and increases the furniture asset.
4. Sold goods for cash 40,000:
- Mt. Ramana sold goods worth 40,000 rupees for cash. This means that the customers paid the full amount in cash at the time of the sale. This transaction increases the cash balance of the business.
5. Paid Ramesh on account 40,000:
- Mt. Ramana made a payment of 40,000 rupees to Ramesh on account. This means that Mt. Ramana paid a portion of the amount owed to Ramesh for the goods purchased on credit earlier. This transaction reduces the accounts payable balance.
6. Paid shop rent 10,000:
- Mt. Ramana paid 10,000 rupees as shop rent. Rent is an expense for the business, and this transaction reduces the cash balance.
7. Paid salary 5,000:
- Mt. Ramana paid a salary of 5,000 rupees to the employees. Salary is an expense for the business, and this transaction reduces the cash balance.
8. Sold goods on credit to Vimal 25,000:
- Mt. Ramana sold goods worth 25,000 rupees to Vimal on credit. This means that Vimal will make the payment for these goods at a later date as per the agreed terms between Mt. Ramana and Vimal.
9. Withdraw cash for personal use 10,000:
- Mt. Ramana withdrew 10,000 rupees from the business for personal use. This transaction reduces the cash balance of the business.
10. Received commission 5,000:
- Mt. Ramana received a commission of 5,000 rupees. Commission is an income for the business, and this transaction increases the cash balance.
In summary, the transactions of Ramana Company include the initial capital investment, purchase of goods on credit, purchase of furniture for cash, sale of goods for cash, payment to creditors, payment of expenses, sale of goods on credit, withdrawal of cash for personal use, and receipt of commission. These transactions affect the cash balance, capital, assets, liabilities, and income of the business.
1. Commenced business with capital 100,000:
- The business started with an initial capital of 100,000 rupees. This capital is contributed by Mt. Ramana, who is the owner of the business. It is the amount invested by the owner to start the business.
2. Bought goods on credit from Ramesh 80,000:
- Mt. Ramana purchased goods worth 80,000 rupees from Ramesh on credit. This means that the payment for these goods will be made at a later date as per the agreed terms between Mt. Ramana and Ramesh.
3. Bought furniture for cash 10,000:
- Furniture is an asset of the business. Mt. Ramana bought furniture for 10,000 rupees and made the payment in cash. This transaction reduces the cash balance of the business and increases the furniture asset.
4. Sold goods for cash 40,000:
- Mt. Ramana sold goods worth 40,000 rupees for cash. This means that the customers paid the full amount in cash at the time of the sale. This transaction increases the cash balance of the business.
5. Paid Ramesh on account 40,000:
- Mt. Ramana made a payment of 40,000 rupees to Ramesh on account. This means that Mt. Ramana paid a portion of the amount owed to Ramesh for the goods purchased on credit earlier. This transaction reduces the accounts payable balance.
6. Paid shop rent 10,000:
- Mt. Ramana paid 10,000 rupees as shop rent. Rent is an expense for the business, and this transaction reduces the cash balance.
7. Paid salary 5,000:
- Mt. Ramana paid a salary of 5,000 rupees to the employees. Salary is an expense for the business, and this transaction reduces the cash balance.
8. Sold goods on credit to Vimal 25,000:
- Mt. Ramana sold goods worth 25,000 rupees to Vimal on credit. This means that Vimal will make the payment for these goods at a later date as per the agreed terms between Mt. Ramana and Vimal.
9. Withdraw cash for personal use 10,000:
- Mt. Ramana withdrew 10,000 rupees from the business for personal use. This transaction reduces the cash balance of the business.
10. Received commission 5,000:
- Mt. Ramana received a commission of 5,000 rupees. Commission is an income for the business, and this transaction increases the cash balance.
In summary, the transactions of Ramana Company include the initial capital investment, purchase of goods on credit, purchase of furniture for cash, sale of goods for cash, payment to creditors, payment of expenses, sale of goods on credit, withdrawal of cash for personal use, and receipt of commission. These transactions affect the cash balance, capital, assets, liabilities, and income of the business.
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Mt.ramana started business under the name of ramana company.the details of the transactions of his business are given below 1.commenced business with capital 100000 2.bought goods on credit from ramesh 80000 3.bought furniture for cash 10000 4.sold goods for cash 40000 5.paid ramesh on account 40000 6.paid shop rent 10000 7.Paid salary 5000 8.sold goods on credit to vimal 25000 9.with draw cash for parsonal use 10000 10. received commission 5000?
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Mt.ramana started business under the name of ramana company.the details of the transactions of his business are given below 1.commenced business with capital 100000 2.bought goods on credit from ramesh 80000 3.bought furniture for cash 10000 4.sold goods for cash 40000 5.paid ramesh on account 40000 6.paid shop rent 10000 7.Paid salary 5000 8.sold goods on credit to vimal 25000 9.with draw cash for parsonal use 10000 10. received commission 5000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Mt.ramana started business under the name of ramana company.the details of the transactions of his business are given below 1.commenced business with capital 100000 2.bought goods on credit from ramesh 80000 3.bought furniture for cash 10000 4.sold goods for cash 40000 5.paid ramesh on account 40000 6.paid shop rent 10000 7.Paid salary 5000 8.sold goods on credit to vimal 25000 9.with draw cash for parsonal use 10000 10. received commission 5000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mt.ramana started business under the name of ramana company.the details of the transactions of his business are given below 1.commenced business with capital 100000 2.bought goods on credit from ramesh 80000 3.bought furniture for cash 10000 4.sold goods for cash 40000 5.paid ramesh on account 40000 6.paid shop rent 10000 7.Paid salary 5000 8.sold goods on credit to vimal 25000 9.with draw cash for parsonal use 10000 10. received commission 5000?.
Mt.ramana started business under the name of ramana company.the details of the transactions of his business are given below 1.commenced business with capital 100000 2.bought goods on credit from ramesh 80000 3.bought furniture for cash 10000 4.sold goods for cash 40000 5.paid ramesh on account 40000 6.paid shop rent 10000 7.Paid salary 5000 8.sold goods on credit to vimal 25000 9.with draw cash for parsonal use 10000 10. received commission 5000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Mt.ramana started business under the name of ramana company.the details of the transactions of his business are given below 1.commenced business with capital 100000 2.bought goods on credit from ramesh 80000 3.bought furniture for cash 10000 4.sold goods for cash 40000 5.paid ramesh on account 40000 6.paid shop rent 10000 7.Paid salary 5000 8.sold goods on credit to vimal 25000 9.with draw cash for parsonal use 10000 10. received commission 5000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mt.ramana started business under the name of ramana company.the details of the transactions of his business are given below 1.commenced business with capital 100000 2.bought goods on credit from ramesh 80000 3.bought furniture for cash 10000 4.sold goods for cash 40000 5.paid ramesh on account 40000 6.paid shop rent 10000 7.Paid salary 5000 8.sold goods on credit to vimal 25000 9.with draw cash for parsonal use 10000 10. received commission 5000?.
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