JAMB Principles of Accounts 2004 Question 28

Use the information below to answer questions 28 and 29.
On January 1, 2000, a club's assets and liabilities were as follows:
Club house ₦8,000
Subscription in arrears ₦300
Cash ₦1,000
Wages owed ₦100
The club has 50 members and annual subscription is ₦100 per member. Subscription received is ₦4,000 and this includes 1999 arrears of ₦200.
The accumulated fund is

1. A.₦9,400
2. B.₦9,300
3. C.₦9,200
4. D.₦9,100