Given:
Club trading profit N12,000
Members' subscription N15,000
Profit on sale of fixed assets N2,500
Loss on sale of investments N1,000
Wages N16,500
Other expenses N10,000
Determine the club's excess of income over expenditure?
N500
N1,500
N2,000
N2,500
Correct answer is C
No explanation has been provided for this answer.