Q.2. The following account balances appeared in the adjusted trial balance of Cortes Painting Constructors at Dec 31, 2019. Cortes closes its book annually at December 31.

    Rs

Edward Cortes Capital (Dec 31, 2018)  27,200

Edward Cortes Drawing  18,000

Painting Fees earned163,300

Painting & Supplies Expense  27,500

Accumulated Depreciation: Painting Equipment    3,000

Salaries expense  66,800

Rent expense    9,600

Advertising expense    3,200

Depreciation expense: Painting equipment                1,200

Insurance expense  12,000

Painting equipment    7,200

Prepare the year-end closing entries for Cortes Painting Contractors, using the data given above.

How do we determine the balance in the Owner’s Capital account that should appear in the balance sheet dated December 31, 2019?