Accounting 0452 · IGCSE · Clubs and societies

Clubs and societies — practice question

AB Sports Club operates a cafe9 for the benefit of its members. The treasurer drew up draft financial statements that indicated a deficit of \$700 and an accumulated fund of \$4600. He later found that the cafe9 closing inventory had been valued too highly by \$50. What would the deficit and the accumulated fund be after the inventory valuation was corrected?

  • Adeficit \$650, accumulated fund \$4550
  • Bdeficit \$650, accumulated fund \$4650
  • Cdeficit \$750, accumulated fund \$4550
  • Ddeficit \$750, accumulated fund \$4650

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