JAMB Accounting 2009 Objective — Question 32

Question 32 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2009 Objective paper, with the correct answer and a full explanation.

32. Furniture and fittings #20,000; Equipment #15,000; Bank overdrafts #6,500; Bar creditors #4,800; Subscription in arrears #4,700; Subscription in advance #650. What is the accumulated fund?

A. #23,700
B. #27,750Correct
C. #29,650
D. #51,650

Explanation

Assets = 20,000+15,000+4,700 = 39,700. Liabilities = 6,500+4,800+650 = 11,950. Accumulated fund = 39,700-11,950 = #27,750.

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