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प्रश्न
Give four examples for capital receipts of the not-for-profit organisation.
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उत्तर
- Life membership fees
- Legacies
- Specific donation
- Sale of fixed assets
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संबंधित प्रश्न
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
Non-Cash items are not recorded in_____________
Receipts and payments account records receipts and payments of _____________.
What is receipts and payments account?
Mayiladuthurai Recreation Club gives you the following details. Prepare Receipts and Payments account for the year ended 31st March, 2019.
| Particulars | ₹ | Particulars | ₹ |
| Opening cash balance | 15,000 | Salary of watchman | 12,000 |
| Opening bank balance | 25,000 | Club annual day expenses | 15,000 |
| Donations received | 48,000 | Lighting charges | 16,500 |
| Sale of old equipment | 26,000 | Entertainment expenses | 13,500 |
| Refreshment charges | 13,000 | Billiards table purchased | 5,000 |
| Club annual day collections | 18,000 | Expenses of charity show | 3,000 |
| Construction of tennis court | 7,000 | Sale of investments | 12,000 |
| Receipts from charity show | 4,000 | Closing cash balance | 12,000 |
| Rent paid | 1,000 |
From the following Receipts and Payments Account and additional information provided by Ramanath Club, Prepare Income and Expenditure Account for the year ending on 31st March 2021.
| Receipts and Payments Account for the year ending 31st March, 2021 | ||||
| Receipts | Amount (₹) | Payments | Amount(₹) | |
| To Balance b/d | 48,000 | By Salaries and Wages: | ||
| To Subscription | 95,000 | 2019-20 | 10,600 | |
| To Entrance Fee | 1,56,000 | 2020-21 | 1,03,200 | 1,13,800 |
| To Locker rent | 50,000 | By Sundry expenses | 47,000 | |
| To Interest on 8% govt. Securities | 5,400 | By Refreshment expenses | 60,400 | |
| To Revenue from refreshment | 52,000 | By Telephone bill | 5,000 | |
| To Sale of old newspapers | 4,600 | By Rent & Rates | 24,000 | |
| To Sale of furniture (Book value: ₹ 11,000) | 12,000 | By Library Book | 25,000 | |
| By 8% Govt. Securities | 30,000 | |||
| By Honorarium to Secretary | 5,000 | |||
| By Balance c/d | 1,12,800 | |||
| 4,23,000 | 4,23,000 | |||
Additional Information:
- Subscription received during the year includes ₹ 25,000 as donation for Building.
- Telephone bill unpaid as on March 31, 2020, was ₹ 4,000 and on March 31, 2021, ₹ 2,600.
- Value of 8% Government Securities on March 31, 2020, was ₹ 80,000.
- Additional Government Securities worth ₹ 30,000 were purchased on March 31, 2021.
Life membership fees are treated as which type of receipt and is directly credited to the capital fund?
If a general donation of smaller amount is received by a school, that donation will be shown on ______.
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:
- 50% Donations are for Building fund and the balance is to be treated a Revenue Income.
- Outstanding subscription ₹5,300.
- Life Membership fees are to be capitalised.
Find the incorrect pair from group A and B.
