In the year ending 31 March 2025, the club received subscriptions totalling $2500$, and $120$ of this was for the next financial year. At 31 March 2025, subscriptions accrued were $280$. What entries should appear in the club’s statement of financial position at 31 March 2025?
- Acurrent assets $120$, current liabilities $280$
- Bcurrent assets $280$, current liabilities $120$
- Ccurrent assets $400$, current liabilities no entry
- Dcurrent assets no entry, current liabilities $400$