Accounting JAMB

Gamji Memorial Club carried out an activity which yield a profit of N10 000. This amount is to be transferred to the?

A. debit side of its profit and loss account
B. credit side of its profit and loss account
C. debit side of its income and expenditure account
D. credit side of its income and expenditure account

Correct Answer:

Option D – credit side of its income and expenditure account

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