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Prepare a balance sheet for Mwikali Enterprises as at 31 October 2025, given the following transactions for October 2025: Opening Balances: Capital Ksh 200,000...
Accounting
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To prepare the balance sheet for Mwikali Enterprises as at 31 October 2025, we need to calculate the closing balances for all assets, liabilities, and capital by adjusting the opening balances with the transactions that occurred during October.
Step 1: Calculate the closing balance for each account.
- Capital:
- Opening Balance: Ksh 200,000
- Transaction 1 (Additional capital): +Ksh 30,000
- Transaction 6 (Drawings - cash): -Ksh 8,000
- Transaction 6 (Drawings - stock): -Ksh 6,000
- Transaction 8 (Rent expense):
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