Gamji Memorial Club carried out an activity which yield a profit of N10 000. This
FINANCIAL
JAMB 2005
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: D. credit side of its income and expenditure account
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