Waec Model Questions Vol1 2020 Financial Accounting Question 40

A local government operates two separate funds. The following information is available (all amounts in ₦):\n\nGeneral Fund\n- Opening cash balance: 2,500,000 (debit)\n- Tax revenues: 3,200,000 (credit)\n- Salaries paid: 1,800,000 (debit)\n- Maintenance paid: 400,000 (debit)\n- Transfer to Special Education Fund: 300,000 (debit)\n\nSpecial Education Fund\n- Opening cash balance: 800,000 (debit)\n- Grant revenues: 500,000 (credit)\n- Supplies paid: 200,000 (debit)\n- Transfer received from General Fund: 300,000 (credit)\n\nAccrued liabilities at year‑end\n- Salaries accrued in General Fund: 150,000 (not yet paid)\n- Supplies accrued in Special Education Fund: 50,000 (not yet paid)\n\nAssuming no other transactions, determine the municipality's overall net financial position (total assets minus total liabilities) at year‑end.