O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2024 · Q271 Mark

The following ledger account appeared in the books of a club for the year ended 31 December. Subscriptions account Jan 1 Balance b/d $2000 Dec 31 Income and expenditure $24000 Balance c/d $3000 Dec 31 Bank $29 000 Which statement is correct?

ASubscriptions prepaid on 1 January amounted to $2000.

BSubscriptions prepaid on 31 December amounted to $3000.

CSubscriptions received during the year ended 31 December amounted to $24000.

DSubscriptions relating to the year ended 31 December amounted to $29 000.

✓ Correct answer

B: Subscriptions prepaid on 31 December amounted to $3000.

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2024 Paper 1 Variant 2, question 27.

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