Neco 2024 Financial Accounting Question 30

A government department follows modified accrual accounting. The following year‑end information is available (all amounts in ₦): - Cash on hand: 2,500,000 - Tax receivable (expected): 1,200,000 - Salaries payable (accrued): 800,000 - Interest payable (accrued): 150,000 - Capital grant received (non‑expendable): 500,000 - Depreciation expense for capital assets: 300,000 - Capital assets at cost: 4,000,000 with accumulated depreciation before this year of 1,200,000 - Transfer out to another fund: 400,000 - Transfer in from another fund: 250,000 Calculate the department's net financial position (assets minus liabilities) at year‑end after accounting for depreciation and the transfers.