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At the start of the financial year on 1st January 2020 a business had £300 worth of fuel in the fuel tank and an unpaid invoice for £180. During the year payments for fuel of £2,900 were made. At the year end on 31 December 2020 there was £280 worth of fuel in the fuel tank and an unpaid invoice for £100. Problem 1: Calculate the following: i. The fuel expense for the year ended 31 December 2020 ii. Closing inventories of fuel as at 31 December 2020
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