Given: Furniture and fittings..................N20,000 Equipment...............................N15,000 Bank overdrafts.........................N6, 500 Bar creditors...........................N4,800 Subscription in arrears.................N4,700 Subscription in...
FINANCIAL
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
Correct Answer: B. 27,750
Explanation
Accumulated fund = Total assets - Liabilities
20,000 + 15,000 +4,700 - (6,500+4800+650)
39,700-11,950 = 27,750
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *