Neco Model Questions Vol1 2022 Financial Accounting Question 8

City Council operates two funds. General Fund: - Opening cash balance: ₦5,000,000 - Cash revenues received: ₦12,000,000 - Cash expenditures paid: ₦9,000,000 - Transfer to Capital Development Fund: ₦1,000,000 - Accrued expenses at year‑end (not yet paid): ₦800,000 Capital Development Fund: - Opening cash balance: ₦3,000,000 - Cash revenues received: ₦4,000,000 - Cash expenditures paid: ₦5,500,000 - Transfer received from General Fund: ₦1,000,000 - Unearned revenue at year‑end (cash received but not earned): ₦600,000 Determine: (a) the closing cash balance of the General Fund; (b) the closing cash balance of the Capital Development Fund; (c) the overall net position (assets minus liabilities) of the Council after incorporating the accrued expense and unearned revenue.