The Kingston Chess Club had the following information at the start of the year: furniture $12,000, subscriptions in arrears $800, bank balance $4,500, subscriptions in advance $350, and owing to suppliers $1,200. What was the Accumulated Fund at the beginning of the year?

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Question

The Kingston Chess Club had the following information at the start of the year: furniture $12,000, subscriptions in arrears $800, bank balance $4,500, subscriptions in advance $350, and owing to suppliers $1,200. What was the Accumulated Fund at the beginning of the year?

Accepted Answer

$15,750 — Award 1 mark for correct calculation. Assets = $12,000 + $800 + $4,500 = $17,300. Liabilities = $350 + $1,200 = $1,550. Accumulated Fund = Assets − Liabilities = $17,300 − $1,550 = $15,750. A incorrectly treats subscriptions in advance as an asset. C adds all items without distinguishing assets and liabilities. D represents total assets only.

Answer

$15,050

Answer

$15,750

Answer

$16,650

Answer

$17,300

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