JAMB Principles of Accounts 2002 Question 29

Use the information below to answer questions 28 and 29.
Income and Expenditure Account
Expenditure (₦): Wages 12000; Electricity 5000; Depreciation: furniture 1000; Other expenses ?; Excess of income over expenditure ?; Total 35000
Income (₦): Subscriptions received 20000; Donations received 10000; Profits on sale of investment 5000; Total 35000
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

1. A.₦12000
2. B.₦15000
3. C.₦10000
4. D.₦14500.