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JAMB Principles of Accounts 2003 Question 32

Question 32

Not-for-Profit Organisations

Given:
Rich Social Club (₦)
Cash 100 000
Loan 30 000
Subscription in arrears 5 000
Subscription in advance 15 000
What is the accumulated fund?

  1. A.₦60 000
  2. B.₦80 000
  3. C.₦90 000
  4. D.₦110 000
Show the answer and explanation

Answer: A (₦60 000)

Explanation

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