Given:Club trading profit ₦12,000 Members'' subscription ₦15,000 Profit on sale of fixed assets ₦2,500 Loss on sale of investments ₦1,000 Wages ₦16,500 Othe...

Assessment: JAMB UTME - Principles of Accounts - 2001 Subject: Financial Accounting

Question 1 Report

Given:Club trading profit ₦12,000

Members'' subscription ₦15,000

Profit on sale of fixed assets ₦2,500

Loss on sale of investments ₦1,000

Wages ₦16,500

Other expenses ₦10,000

Determine the club''s excess of income over expenditure?

Answer Details
To determine the club's excess of income over expenditure, we need to calculate the total income and total expenditure and then subtract the total expenditure from the total income. Total Income = Club trading profit + Members' subscription + Profit on sale of fixed assets Total Income = ₦12,000 + ₦15,000 + ₦2,500 Total Income = ₦29,500 Total Expenditure = Loss on sale of investments + Wages + Other expenses Total Expenditure = ₦1,000 + ₦16,500 + ₦10,000 Total Expenditure = ₦27,500 Excess of Income over Expenditure = Total Income - Total Expenditure Excess of Income over Expenditure = ₦29,500 - ₦27,500 Excess of Income over Expenditure = ₦2,000 Therefore, the club's excess of income over expenditure is ₦2,000.
Read lesson note on Miscellaneous Accounts (WAEC)
Read lesson note on The Final Accounts Of A Sole Trader (JAMB)
View Answer

Related Questions

1

» Given: PTF Trial Balance [Extract] as at 31 December, 1999 Dr Cr N'000 N '000 Cash 2,000 Investments 3,000 Accounts receivable 6,000 11,000 Fund balance 11...
2

Use the information below to answer question Given: 31/12/98 31/12/99 Assets: Plant and Mach. ₦1,500 ₦1,200 Fixtures ₦700 ₦520 Stock ₦500 ₦600 Debtors ₦900 ₦...
3

Given: N N Capital 200,000 total assets 210,000 Liabilities 10,000 210,000 210,000 If the business is purchased at a price including a goodwill of ₦20,000, w...
4

Use the information below to answer the question that follows: Given: Fixed assets ₦85,600 Sales ₦197,000 Stock ₦34,300 Salaries ₦37,000 Purchases ₦127,700 S...
5

The current growth in the volume of trading and financial dealings in Nigeria is helped by
6

Use the information below to answer question. Given: Fixed assets: ?85,600 Sales: ?197,000 Stock: ?34,300 Salaries: ?37,000 Purchases: ?127,700 Share capital...
7

Given: Authorized Capital: N 100,000 ordinary shares of ₦1 eash Issued and fully paid: 50,000 ordinary shares of ₦1 each 50,000 10, 000 8% perference shares ...
8

Given: PTF Trial Balance [Extract] as at 31 December, 1999 Dr Cr N'000 N '000 Cash 2,000 Investments 3,000 Accounts receivable 6,000 11,000 Fund balance 11,0...

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning