Accounts - Principles of Accounts Past Questions and Answers

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?

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
What is the amount to be written off as other expenses?

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
Determine the club's excess of income over expenditure

Subscriptions received are always put at 125% of the total donations received and refreshment sales.
What is the closing cash balance ?

Income and expenditure account is more informative than receipts and payments account because it discloses?