A cricket club provided the following information.
at 1 August 2021
balance at bank $950
during the year ended 31 July 2022
net receipts from competition $1050
subscriptions received $2500
general expenses paid $1020
insurance paid $500
rent paid $1800
at 31 July 2022
subscriptions owing by members $120
insurance prepaid $20
depreciation of equipment $260
What was the balance at bank on 31 July 2022?

Q: What topic does this question test?

This question tests Accounting procedures in O-Level Accounting (syllabus code 7707). It is worth 1 mark.

Q: Which exam paper is this question from?

This question appeared in the Cambridge O-Level Accounting Oct/Nov 2022 examination, Paper 1 Variant 3 (7707_w22_qp_13.pdf).

Question

A cricket club provided the following information.
at 1 August 2021
balance at bank $950
during the year ended 31 July 2022
net receipts from competition $1050
subscriptions received $2500
general expenses paid $1020
insurance paid $500
rent paid $1800
at 31 July 2022
subscriptions owing by members $120
insurance prepaid $20
depreciation of equipment $260
What was the balance at bank on 31 July 2022?

Oracle Prep · Accepted Answer

The correct answer is B: $1180.

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