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JAMB Principles of Accounts 2024 Question 23

Question 23

Not-for-Profit Organisations

Use the information below to answer questions 23 and 24.
Income and Expenditure (Extract)
Bal. b/d ₦390 | Expenses on cleaning ₦300
Sales of tickets ₦4,000 | New tool ₦510
Donations ₦3,000 | Repairs ₦400
Subscription ₦6,500 | Electricity ₦350
Calculate the total income for the period

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

Answer: A (₦13,500)

Explanation

Income for the period = sales of tickets 4,000 + donations 3,000 + subscription 6,500 = ₦13,500. The ₦390 brought down is an opening balance, not income.