O-LevelAccountingPreparation of financial statements7707/13 · Oct/Nov 2020 · Q241 Mark

A sports club was formed on 1 September 2019. What may appear in the receipts and payments account for the year ended 31 August 2020?

Aclosing bank balance

Bclosing inventory of club shop

Cdepreciation of sports equipment

Dsubscriptions in arrears

✓ Correct answer

A: closing bank balance

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2020 Paper 1 Variant 3, question 24.

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