ACCA FA2 Capital Account
At the start of the year, the balance on Toni's capital account was $20,000.During the year Toni made drawings of $64,000 and the net profit for the year was $12,000 .
What is the balance on Toni's capital account at the end of the year?
Suggested solutions
| $ | |
| Opening balance capital account | 20,000 |
| add net profit for the year | 12,000 |
| Less drawings | (64,000) |
| closing capital account | -32,000 |
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