O-LevelAccountingPreparation of financial statements7707/12 · May/June 2013 · Q221 Mark
A social club was formed on 1 January 2012. During the year ended 31 December 2012 members paid subscriptions totalling $1800. Subscriptions outstanding at 31 December 2012 amounted to $300. No subscriptions were paid in advance. How much was entered for subscriptions in the receipts and payments account and the income and expenditure account for the year ended 31 December 2012?
Areceipts and payments account $: 1500, income and expenditure account $: 1800
Breceipts and payments account $: 1800, income and expenditure account $: 1800
Creceipts and payments account $: 1800, income and expenditure account $: 2100
Dreceipts and payments account $: 2100, income and expenditure account $: 2100
✓ Correct answer
C: receipts and payments account $: 1800, income and expenditure account $: 2100
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