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