Self-test Wendy borrowed £30,000 for her business on 1 January 2010. The loan is repayable in full in 3 years’ time but interest at the rate of 8 per cent is payable annually.

She has also financed the purchase of a delivery vehicle by a loan of £8,000, which is repayable in full over 4 years as from 1 January 2011. Interest of 7 per cent annually is payable on the loan.

The business has purchased goods for resale totalling £2,100. This amount is to be paid on 15 January 2011.

Show the total amount of current liabilities as at 31 December 2010 (show your workings). Assume that no payments have been made during 2010 either for interest or for capital.