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प्रश्न
State whether the following statement is True or False with reasons.
Receipts and Payments Accounts do not have any opening balance.
पर्याय
True
False
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उत्तर
Receipts and Payments Accounts do not have any opening balance. - False.
Explanation:
Receipts and Payments Account is just like a cash book of trading concern, and the opening balance (Cash or Bank or Cash and Bank) must be there to start recording transactions.
APPEARS IN
संबंधित प्रश्न
Fees paid by persons to become members of a ‘Not for Profit’ concern.
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 ______.
The closing balance of Receipts and Payments account usually represent _______.
Write the word/phrase/term, which can substitute the following sentence.
The receipts which are not recurring in nature.
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.
Purchases of Sports Equipments is a Capital Expenditure.
In Receipts and Payments Account the summary of _____ transactions are recorded.
Credit side of receipts and payments account shows cash ______.
Answer in one sentence only.
What is Receipts and Payments Account?
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 _________.
Give four examples for capital receipts of the not-for-profit organisation.
Give four examples for revenue receipts of the not-for-profit organisation.
From the information given below, prepare the Receipts and Payments account of Kurunji Sports Club for the year ended 31st December, 2018.
| Particulars | ₹ | Particulars | ₹ |
| Cash in hand (1.1.2018) | 4,000 | Paid for printing charges | 2,500 |
| Salaries paid | 3,000 | Lockers rent received | 1,000 |
| Life membership fees received | 10,000 | Tournament receipts | 14,000 |
| Subscription received | 15,000 | Tournament receipts | 10,500 |
| Rent received | 2,000 | Investments purchased | 25,000 |
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 |
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 |
What is the nature of the Receipt and payment Account?
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 is a summary of all capital receipts and payments".
Statement 2: The Receipt and Payment Account is the summary of cash and bank transactions.
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".
Assertion (A): The Subscription received during the year is recorded in the Receipts and Payments Account.
Reason (R): Receipts and Payments Account records all the cash transactions whether pertaining to the current year or the previous year.
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 ______.
Receipts and Payments Account is a summary of ______.
The nature of Receipts and Payments Account is ______.
Identity the type of fund stated below:
'Himanshu Club has a fund which can only be used for the distribution of prizes.'
A donation received for a special purpose is a ______
Donations received for a special purpose ______
The amount received from the sale of grass by a club should be treated as ______
Out of the following items, which one is shown in the Receipts and Payments Account?
The Receipts and Payments Account is a summary of ______.
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
Find out the wrong pair.
