Solved: He still owes 800 in respect of them he had borrowed 4000, Accounting Basics

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He still owes 800 in respect of them he had borrowed 4000

Question - Kindly help with the accounting question below, show workings.

ABC Stokes sets up a new business. Before he actually sells anything he has bought motor vehicles of £3,000, premises of £7,000, stock of goods £2,000. He still owes £800 in respect of them. He had borrowed £4,000 from D Evans. After the events just described and before trading starts, he had £300 cash in hand and £600 cash at bank.

Calculate the amount of his capital.

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Accounting Basics: He still owes 800 in respect of them he had borrowed 4000

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