Question on: WAEC Accounting - 2004
Use the information to answer the given question.
RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\ \text{subscriptions received:} & & & \text{wages} & 350\ & 2002 & 3,600 & \text{General expenses} & 400 \ & 2003 & 250 & \text{Printing expenses} & 120 \ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \ & & \overline{9,450} & & \end{array}\)
ADDITIONAL INFORMATION:
\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \ & N & N \ \hline \text{Equipment} & 4,500 & 5,150\ \text{Stock - Bar} & 1,200 & 3,200 \ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Accumulated fund as at 1st January 2002 is
RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\ \text{subscriptions received:} & & & \text{wages} & 350\ & 2002 & 3,600 & \text{General expenses} & 400 \ & 2003 & 250 & \text{Printing expenses} & 120 \ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \ & & \overline{9,450} & & \end{array}\)
ADDITIONAL INFORMATION:
\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \ & N & N \ \hline \text{Equipment} & 4,500 & 5,150\ \text{Stock - Bar} & 1,200 & 3,200 \ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Accumulated fund as at 1st January 2002 is
A
N6,900
B
N5,900
C
N4,500
D
N3,500
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Correct Option: D
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