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?
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?
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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
Accumulated fund = Total assets - Liabilities
20,000 + 15,000 +4,700 - (6,500+4800+650)
39,700-11,950 = 27,750