Given:
Furniture and fittings………………N20,000
Equipment………………………….N15,000
Bank overdrafts…………………….N6, 500
Bar creditors………………………N4,800
Subscription in arrears……………..N4,700
Subscription in advance……………..N650
What is the accumulated fund?
- 23,700
-
27,750
- 29,650
- 51,650
The correct answer is: B
Explanation
Accumulated fund = Total assets - Liabilities
20,000 + 15,000 +4,700 - (6,500+4800+650)
39,700-11,950 = 27,750