Accumulated Fund | A Level Notes Accounting 9706

Описание: Accumulated fund is also a difference of Assets and Liabilities.

It arises from accumulated surpluses in previous years

Accumulated Fund = Assets – Liabilities



Calculation of Accumulated fund

1. The treasurer has provided the following information relating to a golf club’s financial position at the year end.

Cash at bank 2 50

Non-current assets 120

Prepaid expenses 80

Inventory of refreshments 500

Subscriptions in advance 50

Subscriptions in arrears 100

Unpaid bills 200



What is the accumulated fund at the year end?

2. A sports club had the following assets and liabilities.

How much was the accumulated fund?



Non-Current Assets

Land and building

Machinery

Motor vehicles

Fixtures and Fittings



Current Assets

Refreshment Inventory

Subscription in arrears

Other receivables

Bank (R/P)



Accumulated Fund

Opening balance

Surplus/ (deficit)



Life membership fee

Donation (if capital receipts)



Non-Current Liabilities

Long term bank loan



Current Liabilities

Subscription in advance

Trade payables

Other payables

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