A club provided the following information for a year. | | $\$$ | | :--- | ---: | | Receipts | 21600 | | Payments | 20000 | | Depreciation charged for the year | 1250 | | Accumulated fund at the year end | 15800 | There were no accruals and prepayments and there had been no capital expenditure or capital receipts. What was the accumulated fund at the start of the year?
Explanation
To find the accumulated fund at the start of the year, we need to subtract the depreciation charged for the year and the accumulated fund at the end of the year from the total receipts. The total receipts are $21600, and the accumulated fund at the end of the year is $15800. The depreciation charged for the year is $1250. Therefore, the accumulated fund at the start of the year is $21600 - $1250 - $15800 = $14200.
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