The Club Had an Excess of Income Over Expenditure in the Period

Multiple Choice

The club had an excess of income over expenditure in the period of £2,500. It had an opening accumulated fund balance of £26,000. During the year a member passed away bequeathing £5,000 to the club. In addition, a member gave the club an old snooker table worth £50. What is the closing balance on the accumulated fund likely to be?

A) £33,550
B) £28,550
C) £28,500
D) £33.500