SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549

                                   FORM 8-K

                                CURRENT REPORT



                      Pursuant to Section 13 or 15(d) of
                      The Securities Exchange Act of 1934



        Date of Report (Date of earliest event reported) July 17, 1997

                              IKON CAPITAL, INC.
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)



     DELAWARE                   File No. 0-20405               23-2493042
     --------                   ----------------               ----------
     (State or other            (Commission File               (IRS Employer
     jurisdiction of            Number)                        Identification
     incorporation)                                            Number)


                 1738 Bass Road, Macon, Georgia          31210
                 ------------------------------          -----


      Registrant's telephone number, including area code: (912) 471-2300
                                                          --------------


                                Not Applicable
                                --------------
         (Former name or former address, if changed since last report)

 
Item 5.  Other Events.
         ------------ 

              On July 17, 1997, the Registrant's parent, IKON Office Solutions,
              Inc. ("IKON"), reported its earnings for the fiscal quarter ended
              June 30, 1997.

              This Report includes or incorporates by reference information
              which may constitute forward-looking statements about the
              Registrant or IKON made pursuant to the safe harbor provisions of
              the federal securities laws. Although the Registrant believes the
              expectations contained in such forward-looking statements are
              reasonable, no assurances can be given that such expectations will
              prove correct. Such forward-looking information is based on the
              Registrant's or IKON's current plans or expectations, and is
              subject to risks and uncertainties that could significantly affect
              the Registrant's and/or IKON's current plans, anticipated actions
              and future financial condition and results. These uncertainties
              and risks include, but are not limited to, those relating to
              IKON's successful management of an aggressive program to acquire
              and integrate new companies, including companies with technical
              services and products that are relatively new to IKON, and also
              including companies outside the United States, which present
              additional risks relating to international operations; risks and
              uncertainties (applicable to both the Registrant and IKON)
              relating to conducting operations in a competitive environment;
              delays, difficulties, technological changes, management
              transitions and employment issues (applicable to both the
              Registrant and IKON) associated with a large-scale transformation
              project; debt service requirements (applicable to both the
              Registrant and IKON), including sensitivity to fluctuation in
              interest rates; and general economic conditions. As a consequence,
              current plans, anticipated actions and future financial condition
              and results may differ materially from those expressed in any
              forward-looking statements made by or on behalf of the Registrant
              or IKON.


Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.
         ------------------------------------------------------------------ 

              (c)  Exhibits.
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              (99) Press Release dated July 17, 1997

 
                                   SIGNATURE



     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                              IKON CAPITAL, INC.



                              By: /s/ Harry Kozee
                                 --------------------------
                                      Harry Kozee
                                      Vice President-Finance


Dated: July 17, 1997

 
                                Index to Exhibit
                                ----------------



     (99)  Press Release Dated July 17, 1997