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1.8A R. Hill is starting a business. Before starting to sell anything, he bought fixtures for £3,200, a van for £4,750 and an inventory of goods for £2,340. Although he has paid in full for the fixtures and the van, he still owes £1,910 for some of the inventory. P. Harding lent him £5,000. After the above, Hill has £520 in the business bank account and £100 cash in hand. You are required to calculate his capital.

1.8A R. Hill is starting a business. Before starting to sell anything, he bought fixtures for £3,200, a van for £4,750 and an inventory of goods for £2,340. Although he has paid in full for the fixtures and the van, he still owes £1,910 for some of the inventory. P. Harding lent him £5,000. After the above, Hill has £520 in the business bank account and £100 cash in hand. You are required to calculate his capital.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1.8A R. Hill is starting a business. Before starting to sell anything, he bought fixtures for £3,200, a van for £4,750 and an inventory of goods for £2,340. Although he has paid in full for the fixtures and the van, he still owes £1,910 for some of the inventory. P. Harding lent him £5,000. After the above, Hill has £520 in the business bank account and £100 cash in hand. You are required to calculate his capital.
Transcribed Image Text:1.8A R. Hill is starting a business. Before starting to sell anything, he bought fixtures for £3,200, a van for £4,750 and an inventory of goods for £2,340. Although he has paid in full for the fixtures and the van, he still owes £1,910 for some of the inventory. P. Harding lent him £5,000. After the above, Hill has £520 in the business bank account and £100 cash in hand. You are required to calculate his capital.
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