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...

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.