In the trial balance for the financial year ended 31 July 2018, Vanita's capital account showed a balance of £43,400. Vanita's loss for the year ended 31 July 2018 amounted to £10,350. During the financial year to 31 July 2019, Vanita made drawings from her capital account of £12,000. Her final accounts for the year ended 31 July 2019 show that she made a profit for the year of £20,450. What is the figure that will appear in Vanita's trial balance for her capital account at 31 July 2019?

Question

Quizplus · Accepted Answer

Vanita's capital account at 31 July 2018 was £43,400. She made a loss of £10,350 during the year ended 31 July 2018, so her capital account at 31 July 2018 was £33,050. She made drawings of £12,000 during the year to 31 July 2019, so her capital account at 31 July 2019 was £21,050.

In the Trial Balance for the Financial Year Ended 31