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प्रश्न
What is receipts and payments account?
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उत्तर
Receipts and Payments account is a summary of cash and bank transactions of not-for-profit organisations prepared at the end of each financial year.
It is a real account in nature. The receipts and payments account begins with the opening balances of cash and bank and ends with closing balances of cash and bank. All cash receipts are shown on the debit side and all cash payments are shown on the credit side of this account. All cash receipts and cash payments whether of capital or revenue nature will be recorded irrespective of the period for which the amount is received or paid, it is recorded if cash is received or paid during the year.
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संबंधित प्रश्न
From the following information, prepare the Receipts and Payments account of Cuddalore Kabaddi Association for the year ended 31st March, 2019.
| Particulars | ₹ | Particulars | ₹ |
| Opening cash balance (1.4.2018) | 11,000 | Interest and bank charges | 250 |
| Bank overdraft balance (1.4.2018) | 20,000 | Miscellaneous income | 350 |
| Stationery purchased | 5,200 | Upkeep of ground | 550 |
| Travelling expenses | 1,800 | Grant from Government | 12,000 |
| Dividend received | 3,000 | Telephone charges paid | 2,800 |
| General expenses | 500 | Endowment fund receipts | 10,000 |
| Admission fees | 4,000 | Insurance premium paid | 2,000 |
| Courier charges | 2,000 | Electricity charges paid | 5,000 |
| Municipal taxes paid | 3,000 | Closing cash balance (31.03.2019) | 1,750 |
Life membership fees are treated as which type of receipt and is directly credited to the capital fund?
Consider the following statements,
Statement 1: "Receipt and Payment Account is a summary of all capital receipts and payments".
Statement 2: The Receipt and Payment Account is the summary of cash and bank transactions.
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 ______.
Identity the type of fund stated below:
'Himanshu Club has a fund which can only be used for the distribution of prizes.'
Sports expenses ₹ 27,000 (excluding ₹ 7,000 unpaid expenses). The amount to be credited to Receipts and Payments Account will be:
Which of the following represents capital receipt?
Receipts and Payments Account features include:
If a general donation of smaller amount is received by a school, that donation will be shown on ______.
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
