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प्रश्न
The closing balance of Receipts and Payments account usually represent _______.
विकल्प
Closing Stock
Cash and Bank Balance
Surplus
Deficit
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उत्तर
The closing balance of Receipts and Payments account usually represents Cash and Bank Balance.
संबंधित प्रश्न
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
Non-Cash items are not recorded in_____________
State whether the following statement is True or False.
There is no difference between Receipts and Payment Account and Income and Expenditure Account.
State the meaning of Receipt and Payment Account.
Donation for Scholarship Fund is ______.
Write the word/phrase/term, which can substitute the following sentence.
Accounts which records only cash transactions in case of Not for Profit Concern.
State whether the following statement is True or False with reasons.
There is no difference between Receipts and Payments Account and Income and Expenditure Account.
State whether the following statement is True or False with reasons.
Receipts and Payments Accounts do not have any opening balance.
State whether the following statement is True or False with reasons.
Receipts and Payments Account contains only the transactions relating to the current year.
In Receipts and Payments Account the summary of _____ transactions are recorded.
Credit side of Receipts and Payments Account shows cash ______.
Find odd one:
Receipts and payments account is a _________.
Receipts and payments account records receipts and payments of _____________.
Balance of receipts and payments account indicates the _________.
What is receipts and payments account?
Give four examples for capital receipts of the not-for-profit organisation.
Give four examples for revenue receipts of the not-for-profit organisation.
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.
What is the nature of the Receipt and payment Account?
Life membership fees are treated as which type of receipt and is directly credited to the capital fund?
Write the steps in ascending order of Conversion of a Receipt and Payment Account into an Income and Expenditure Account:
(i) Adjusting the revenue receipts on the debit side to include outstanding incomes and incomes relating to the current year received earlier and to exclude amounts received in arrears or in advance.
(ii) identifying and showing non-cash expenses and losses on the debit side of the Income and Expenditure Account.
(iii) computing and showing profits/losses from trading and/or social activities on the credit/debit side of the Income and Expenditure Account.
(iv) Ascertaining the surplus or deficit as the dosing balance of the Income and Expenditure Account.
(v) adjusting revenue payments on the credit side.
How would you treat the following item in the case of a 'not-for-profit' organization?
"Tournament Fund Rs.40.000. Tournament Expenses Rs.14.000. Receipts from Tournament Rs.16.000."
How would you treat the following item in the case of a 'not-for-profit' organization?
"Prize Fund Rs.22.000. Interest on Prize fund Investments Rs.3.000. Prizes are given Rs.5.000. Prize fund Investments Rs.18.000.
Consider the following statements
Statement 1 - "Receipt and Payment Account records the receipts and payments of revenue nature only".
Statement 2 - "Receipt and Payment Account records the receipts and payments of revenue nature and capital nature".
Amount received from 'Special Contribution for Silver Jubilee' by a club should be treated as:
Pick the odd one out:
Fund Based Accounting is classified under:
(i) Unrestricted funds
(ii) Fixed assets funds
(iii) Restricted funds
(iv) Annuity funds
Which of the following is not a capital receipt?
Sports Star Charitable Club has income of ₹ 16,000 and 'deficit' debited to capital fund of ₹ 4,300 for the year 2019-20, then expenditure for 2019-20 is ______.
The nature of Receipts and Payments Account is ______.
Sports expenses ₹ 27,000 (excluding ₹ 7,000 unpaid expenses). The amount to be credited to Receipts and Payments Account will be:
A donation received for a special purpose is a ______
Donations received for a special purpose ______
Which of the following represents capital receipt?
The amount received from the sale of grass by a club should be treated as ______
A school purchased a furniture for ₹ 80,000 and spent ₹ 1,200 for carriage. The furniture should be capitalised for:
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
Payment of Honorarium of Secretary is a ______.
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.
What is the correct chronological order of four civilisations of Mesopotamia
Find out the wrong pair.
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 | ? |
- 60 % Donations are for Building Fund and Balance is to be treated as Revenue Income.
- Outstanding Office Staff Salaries ₹ 70,000
