Question
The Gang uses public sector accounting and has the following balances at March 31, 2020: Financial assets 100 Financial liabilities 150 Non-financial assets 280 Non-financial
The Gang uses public sector accounting and has the following balances at March 31, 2020:
Financial assets 100
Financial liabilities 150
Non-financial assets 280
Non-financial liabilities 55
Required:
a) What is Net Debt at March 31, 2020? Show the calculation. b) What is Accumulated Surplus/Deficit at March 31, 2020? Show the calculation and make sure to indicate if it is a surplus or deficit.
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Essentials of Accounting for Governmental and Not-for-Profit Organizations
Authors: Paul A. Copley
10th Edition
007352705X, 978-0073527055
