Prove that the Accounting Equation is satisfied in all the following transactions of Rajaram. Also prepare a Balance Sheet:−       (3 marks)

1. Started business with Cash 1,20,000.
2. Purchased a typewriter for Cash for 8,000 for office use.
3. Purchased goods for 50,000 for cash.
4. Purchased goods for 40,000 on credit.
5. Goods costing 60,000 sold for 80,000 on credit.
6. Paid for Rent 1,500 and for salaries 2,000.
7. Received 800 for Commission.
8. Withdrew for private use 5,000 in cash.