Given: Furniture and fittings………………N20,000 Equipment………………………….N15,000 Bank overdrafts…………………….N6, 500 Bar creditors………………………N4,800 Subscription in arrears……………..N4,700 Subscription in…

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Accounts - Principles of Accounts JAMB 2009

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 checkmark
  • 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

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