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CBSECommerce (English Medium) Class 11
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Syllabus

Receipts and Payments Account

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Topics

  • Introduction
  • Format
  • Features
  • Types of Receipts
  • Types of Payments
  • Specimen of Receipts and Payments Account
Maharashtra State Board: Class 12

Format: Receipts and Payments Account

                            Receipts and Payments Account 

                        for the year ended 31st March 20......

Dr.                                                                                                                 Cr.

Receipts Amount ₹ Payments Amount ₹
To All Receipts ............ By All Payments ............
(Revenue or Capital)   (Revenue or Capital)  
Previous year – ............   Previous year – ............  
Current year –   ............   Current year –   ............  
Next year –       ............   Next year –       ............  
Maharashtra State Board: Class 12

Format: Receipts and Payments Account (Detailed)

                                                            In the books of........

                                                    Receipts and Payments Account

                                                For the year ended 31st March 20......

Dr.                                                                                                                                                            Cr.

Receipts Amt ₹ Amt ₹ Payments Amt ₹ Amt ₹

To Balance b/d

Cash in Hand

Cash at Bank

(Name of Banks)

xxx

xxx

 

xxx

By Balance b/d

(Bank overdraft)

   xxx

By Salaries

Previous year

Current year

 

xxx

xxx

 

 

xxx

To Subscriptions

Previous year

Current year

Next year

 

xxx

xxx

xxx

 

 

 

xxx

By Rent Rates and Taxes

Previous year

Current year

Next year

 

xxx

xxx

xxx

 

 

 

xxx
To Entrance fees   xxx By Printing and Stationery   xxx
To Admission fees   xxx By General Expenses   xxx
To Life membership fees   xxx By Interest on Bank Loan   xxx
To Legacies   xxx By Electricity Charges   xxx
To Govt. Grants   xxx By Audit Fees   xxx
To Donations (General)   xxx By Tournaments Exp.   xxx

To Donations for

specific fund,

Building Fund,

Prize Fund,

Tournament Fund

 

 

 

xxx

xxx

xxx

xxx

 By Wages   xxx
By Purchase of Sports Materials   xxx
By Insurance   xxx
To Dividend - Received   xxx By Telephone / Mobile Exp.   xxx
To Hire / Rent of Hall received   xxx By Bank Charges   xxx
To Sundry Income   xxx By Postage   xxx
To Sale of old materials   xxx By Conveyance   xxx
To Sale of old News Papers / Scrap   xxx By Expenses for Annual Function   xxx
To Misc. Receipts   xxx By Fixed Deposit   xxx
To Tournaments Receipts   xxx

By Purchase of Fixed

Assets

Books

Furniture

Building

Investments

  

 

xxx

xxx

xxx

xxx

xxx
To Cricket Fees   xxx
To Tuition Fee   xxx
To Term Fees   xxx
To Collection of Fine   xxx
To Locker Rent   xxx By News Papers   xxx
To Exam Fees   xxx By Office Expenses   xxx
To Balance c/d (Bank overdraft)   xxx By Repairs   xxx
      By Balance c/d   xxx
      Cash in Hand    
     

Cash at Bank

(Names of Bank)

  

xxx

xxx
     
Total   xxx Total   xxx
Maharashtra State Board: Class 12

Key Points: Receipts and Payments Account

  • Receipts and Payments Account is a real account that records all cash and bank transactions (revenue or capital) during the year, regardless of the period they relate to.
  • It is similar to a cash book and starts with opening balances of cash and bank, and ends with closing balances.
  • Revenue receipts (e.g. subscriptions, rent) go to Income & Expenditure A/c, while capital receipts (e.g. donations for building) are shown in the Balance Sheet.
  • Revenue payments (e.g. salaries, taxes) are shown in Income & Expenditure A/c, and capital payments (e.g. purchase of assets) are shown on the Asset side of the Balance Sheet.
  • Deferred revenue expenditure is a revenue expense giving benefits for multiple years, partly shown in Income & Expenditure A/c and partly in the Balance Sheet.

Related QuestionsVIEW ALL [35]

From the information given below, prepare the Receipts and Payments account of Coimbatore Cricket Club for the year ending 31st March, 2019.

Particulars ₹ ₹ Particulars ₹
Bank overdraft (1.4.2018)   6,000 Honorarium paid 2,800
Cash in hand (1.4.2018)   1,000 Water and electricity charges 700
Wages paid for ground maintenance   2,000 Match expenses 2,600
Subscription received:     Sports material purchased 1,900
Previous year 500   Match fund receipts 5,200
Current year 9,600   Legacies received 2,000
Subsequent year 400 10,500 Cash balance (31.03.2019) 300
Wages yet to be paid   2,200 Donation received for pavilion 2,000
Interest on loan paid   2,000    

From the following Receipts and Payments Account of Bharati Vidyapeeth College, Kolhapur for the year ending 31st March, 2019 and additional information, Prepare Income and Expenditure Account for the year ended 31st March, 2019 and a Balance Sheet as on that date.

Dr. Receipts and payment Account
for the year ended 31st March, 2019		 Cr.
Receipts Amount ₹ Payments Amount ₹
To Balance b/d:   By Salaries to:  
Cash  12,000 Teaching Staff 15,00,000
Bank  2,00,000 Office Staff 8,55,000
To Interest 60,000 By Printing & Stationery 27,000
To Donation 7,00,000 By Books 88,000
To Tuition Fees 15,00,000 By Furniture (Purchased on 1-1-2019) 78,000
To Admission Fees 65,000 By Drama Expenses 90,000
To Term Fees 4,00,000 By Postage 7,000
To Drama Receipts 1.00,000 By Telephone Charges 6,000
To Rent from use of Hall 6,000 By Electricity 61,000
To Legacies (Capital) 60,000 By Magazines and Newspaper 6,500
    By Balance c/d :  
    Cash 62,000
    Bank 3,23,000
  31,03,000   31,03,000

Additional information:

Particulars 01.04.2018 31.03.2019
Books 9,00,000 8,88,000
Furniture 3.26.000 3,00,000
Building Fund 8,27,000 ?
Capital Fund 6,11,000 ?
  1. 60 % Donations are for Building Fund and Balance is to be treated as Revenue Income.
  2. Outstanding Office Staff Salaries ₹ 70,000

Balance of receipts and payments account indicates the _________.

Fees paid by persons to become members of a ‘Not for Profit’ concern.

Find out the wrong pair.

As per Receipts and Payments Account of Kala Club for the year ended 31st March, 2021, subscriptions received were ₹ 4,00,000.

  ₹
Subscriptions outstanding on 1.4.2020 1,00,000
Subscriptions outstanding on 31.3.2021 70,000
Subscriptions received in advance on 1.4.2020 50,000
Subscriptions received in advance on 31.3.2021 80,000

Calculate the amount of subscriptions to be shown in Income and Expenditure Account for the year ended 31st March, 2021 as income from subscription.

From the following Receipts and Payments Account of “Matsyodari Engineering College, Aurangabad” for the year ending on 31st March, 2020 and additional informations, prepare Income and Expenditure Account for the year ending 31st March, 2020 and Balance Sheet as on that date:

Dr. Receipts and payment Account
for the year ended 31st March, 2020		 Cr.
Receipts Amount ₹ Payments Amount ₹
To Balance b/d   By Salaries to Teaching
Staff		 10,00,000
Cash in hand 8,000 By Electricity charges 50,000
Cash at bank 1,00,000 By Books 64,000
To Interest 50,000 By Furniture 55,000
To Subscription 30,000 By Stationary 24,000
To Life Membership Fees 40,000 By Fixed Deposit 7,00,000
To Donation 5,00,000 By Balance c/d  
To Tuition fees 11,50,000 Cash in hand 20,000
To Term fees 2,00,000 Cash at bank 2,25,000
To Sundry Receipts 10,000    
To Admission Fees (Revenue) 50,000    
  21,38,000   21,38,000

Additional information:

Particulars 01.04.2019 31.03.2020
Books 7,00,000 7,00,000
Furniture 3,19,000 3,00,000
Building fund 10,00,000 ?
Fixed Deposit 9,10,000 ?
Capital Fund 10,37,000 ?

Adjustment:

  1. 50% Donations are for Building fund and the balance is to be treated a Revenue Income.
  2. Outstanding subscription ₹5,300.
  3. Life Membership fees are to be capitalised.

Write the word/phrase/term, which can substitute the following sentence.

All such receipts which are non-recurring in nature and not forming a part a regular flow of income.

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