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JAMB Accounts Principles of Accounts 2019 Paper

Question : 55

Total: 71

Given:

Solution:

Concept:

Accumulated fund is the net worth of a not-for-profit organisation, calculated as total assets minus total liabilities.

Explanation:

First, find the total assets:

\text{₦}10,000 + \text{₦}15,000 + \text{₦}3,500 = \text{₦}28,500

Next, find the total liabilities:

\text{₦}4,500 + \text{₦}3,000 + \text{₦}150 = \text{₦}7,650

Apply the formula:

\text{Accumulated fund} = \text{Total assets} - \text{Total liabilities}

So,

\text{Accumulated fund} = \text{₦}28,500 - \text{₦}7,650 = \text{₦}20,850

Answer:

₦20,850 (Option B).

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