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?
23,700
27,750
29,650
51,650
Correct answer is B
Accumulated fund = Total assets - Liabilities
20,000 + 15,000 +4,700 - (6,500+4800+650)
39,700-11,950 = 27,750