O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2021 · Q251 Mark
A sports club was formed on 1 August 2020. During the year ended 31 July 2021 the club purchased equipment costing $5000, paying by cheque. In which of the club's financial statements did this appear? [Figure showing table with receipts and payments account, income and expenditure account, statement of financial position, and tick marks]
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AAppears in receipts and payments account and statement of financial position
BAppears in receipts and payments account and statement of financial position
CAppears in income and expenditure account and statement of financial position
DAppears in statement of financial position
✓ Correct answer
B: Appears in receipts and payments account and statement of financial position
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