JAMB Accounting 2019 Objective — Question 23

Question 23 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2019 Objective paper, with the correct answer and a full explanation.

Given: Micano Social Club — Cash ₦100,000; Loan ₦30,000; Subscription in arrears ₦5,000; Subscription in advance ₦15,000. What is the accumulated fund?

A. ₦60,000Correct
B. ₦80,000
C. ₦90,000
D. ₦110,000

Explanation

Accumulated fund = total assets − total liabilities = (100,000+5,000) − (30,000+15,000) = 105,000−45,000 = ₦60,000.

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