Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 23 - No. 13)
A club's opening accumulated fund was $25,000 and the closing balance was $28,000, what happened to the surplus or deficit?
Surplus of $3,000.
Deficit of $3,000.
Surplus of $53,000.
Deficit of $53,000.
Explanation
An increase in the accumulated fund means there was a surplus. $28,000 (closing) - $25,000 (opening) = $3,000 surplus.
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