Waec Model Questions Vol1 2022 Financial Accounting Question 28

A municipal council reports the following balances at year‑end (all figures in thousands of Naira): Cash 12; Accounts receivable 8; Inventory of supplies 2; Prepaid expenses 1; Land and buildings (cost) 50 less accumulated depreciation 15; Vehicles cost 20 less accumulated depreciation 5; Grants receivable (unrestricted) 5; Deferred revenue (taxes collected in advance) 6; Accrued salaries 3; Accrued interest on borrowings 0.5; Borrowings (long‑term) 30; Capital grants received (restricted) 10; Transfer payments to other departments 4. The council also provides for doubtful debts at 10 % of accounts receivable and records a revaluation surplus on land of 2 (unrealised gain). Prepare a statement of financial position showing total assets, total liabilities and net assets (or net deficit) after adjusting for the provision and the revaluation surplus.