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JAMB Principles of Accounts 2014 Question 32

Question 32

Not-for-Profit Organisations

Income and Expenditure (Extract)
Debit: Bal. b/d ₦390; Sales of tickets ₦4,000; Donations ₦3,000; Subscriptions ₦6,500
Credit: Expenses on cleaning ₦300; New tool ₦510; Repairs ₦400; Electricity ₦350
What is the total income for the period?

  1. A.₦13,890.
  2. B.₦13,500.
  3. C.₦10,500.
  4. D.₦9,500.
Show the answer and explanation

Answer: B (₦13,500.)

Explanation

Income = tickets 4 000 + donations 3 000 + subscriptions 6 500 = ₦13 500. The opening balance is not income.