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  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
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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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