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प्रश्न
Receipts and payments account records receipts and payments of _____________.
विकल्प
Revenue nature only
Capital nature only
Both revenue and capital nature
None of the above
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उत्तर
Receipts and payments account records receipts and payments of Both revenue and capital nature.
APPEARS IN
संबंधित प्रश्न
State whether the following statement is True or False.
There is no difference between Receipts and Payment Account and Income and Expenditure Account.
The closing balance of Receipts and Payments account usually represent _______.
Receipts and payments account is a _________.
What is receipts and payments account?
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 |
Life membership fees are treated as which type of receipt and is directly credited to the capital fund?
Fund Based Accounting is classified under:
(i) Unrestricted funds
(ii) Fixed assets funds
(iii) Restricted funds
(iv) Annuity funds
The nature of Receipts and Payments Account is ______.
Features of Income and Expenditure are:
(i) No opening or closing balance
(ii) Prepared on an accrual basis
(iii) Records only Revenue Items
(iv) Relevant only to the current year
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.
