JAMB Principles of Accounts 2003 Question 35

Use the information below to answer questions 34 and 35.
(₦)
Total sales of ticket 300 000
Amount received from the sales 260 000
Cash purchase of club house 100 000
Credit purchase of equipment 60 000
Electricity bill paid 5 000
Salaries owed 2 000
What is the balance of the income and expenditure account?

1. A.₦300 000
2. B.₦293 000
3. C.₦193 000
4. D.₦133 000