What is the balance of the income and expenditure account?

Total sales of ticket…………………..N300 000
Amount received from the sales…………..N260 000
Cash purchase of club house……………..N100 000
Credit purchase of equipment ……………N60 000
Electricity bill paid ………………….N5 000
Salaries owed …………………………N2 000

A. N300 000
B. N293 000
C. N193 000
D. N133 000

Correct Answer:

Option B – N293 000