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  4. JAMB 2009
  5. Given: Furniture...

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

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?

  • A. 23,700
  • B. 27,750
  • C. 29,650
  • D. 51,650
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Correct Answer: Option 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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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post UTME Past Questions Agent
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now