O-LevelAccountingPreparation of financial statements7707/12 · May/June 2017 · Q221 Mark
A sports club was formed on 1 January 2016. Which amount will appear for subscriptions in the income and expenditure account for the year ended 31 December 2016?
Atotal subscriptions received during the year
Btotal subscriptions received less amounts owing plus amounts paid in advance
Ctotal subscriptions received plus amounts owing less amounts paid in advance
Dtotal subscriptions received plus amounts owing
✓ Correct answer
C: total subscriptions received plus amounts owing less amounts paid in advance
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