how to calculate Closing Capital Balance

Discussion in 'Tax' started by popstar, Oct 30, 2008.

  1. popstar

    popstar Frequent Poster

    hi, I'm filling in my tax return and can't figure out how to calculate the closing capital balance. The revenue guide says it is the closing balance after accounting for drawings, capital introduced and the P&L. I've got my balance sheet for the year in from of me and have figures for drawings and capital introduced and profit. Can anyone simplify the formula for me?

    Many thanks.
  2. papervalue

    papervalue Frequent Poster


    Opening Capital 01/01/07 x
    Add Profit for the year x
    Minus: Drawings for the year(x)
    Closing capital 31/12/07 x

    It should be same balance as balance on bottom of balance sheet.
  3. popstar

    popstar Frequent Poster

    Many thanks, that's my form done!
  4. Vera Stanley

    Vera Stanley Guest