Prepare it into balance sheet

March 30, 2026Accounting

ScanSolve AI Answer

March 30, 2026

To prepare the balance sheet, we first 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.

Cash:
- Opening Balance: Ksh 100,000
- Oct 1 (Additional capital): +Ksh 30,000
- Oct 6 (Drawings): -Ksh 8,000
- Oct 7 (Ali paid): +Ksh 5,000
- Oct 8 (Rent paid): -Ksh 4,000
- Oct 9 (Salaries

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Quick Answer

Asked on March 30, 2026Accounting

This accounting problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.

ScanSolve AI AnswerAnswered on March 30, 2026

To prepare the balance sheet, we first 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. Cash: Opening Balance: Ksh 100,000 Oct 1 (Additional capital): +Ksh 30,000 Oct 6 (Drawings): -Ksh 8,000 Oct 7 (Ali paid): +Ksh 5,000 Oct 8 (Rent paid): -Ksh 4,000 Oct 9 (Salaries