O-LevelAccountingPreparation of financial statements7707/12 · May/June 2025 · Q241 Mark
During the year ended 31 March 2025, subscriptions received by a club amounted to $2500, of which $120 related to the next financial year. On 31 March 2025, subscriptions accrued amounted to 280. What entries would be made in the club's statement of financial position on 31 March 2025? The options present 'current assets ()' and 'current liabilities ($)' values.
A120, 280
B280, 120
C400, no entry
Dno entry, 400
✓ Correct answer
B: 280, 120
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