JAMB Accounting Past Questions & Answers - Page 238

Partners' salaries and drawings are usually posted to the

The excess of income over expenditure is usually transferred to the

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?

A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000.

The balance of the payments account is?

Subscription received during the year N30,000 Subscription owed last year N4,000 Subscription received for next year N6,000 

What is the subscription to be charged to income and expenditure account?