O-LevelAccountingPreparation of financial statements7707/11 · Oct/Nov 2018 · Q211 Mark
At the end of the financial year a sports club owed rent for the clubhouse. Some members had paid their subscriptions in advance for the following year. How would these items be recorded in the club's statement of financial position?
Arent owing current asset subscriptions paid in advance current asset
Brent owing current asset subscriptions paid in advance current liability
Crent owing current liability subscriptions paid in advance current asset
Drent owing current liability subscriptions paid in advance current liability
✓ Correct answer
A: rent owing current asset subscriptions paid in advance current asset
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