Question on: JAMB Accounting - 2015
Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s accumulated fund?
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s accumulated fund?
A
N699, 000
B
N641, 000
C
N402, 000
D
N605, 000
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Correct Option: A
Total asset less current liabilities
400000 + 205000 + 150,000 + 32000– 85000– 3000 = 699000
400000 + 205000 + 150,000 + 32000– 85000– 3000 = 699000
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