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Frank Brown has been operating a grocery shop as a sole trader for many years....

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Accounting

Frank Brown has been operating a grocery shop as a sole trader for many years. He asks you to calculate the opening capital at the start of the year, as at 1st January 2020. The following information is available respect of 1 January 2020:

Inventory on hand 13,270

Trade payables 12,900

Trade receivables 15,800

Rates prepaid 1,500

Rent owing 4,900

The business also has an overdrawn bank balance of 500. What is the opening capital figure at the 1 January 2020?

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