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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
Fees paid by persons to become members of a ‘Not for Profit’ concern.
Credit side of Receipts and Payments Account shows cash ______.
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.
Which of the following is not a capital receipt?
Receipts and Payments Account is a summary of ______.
Donations received for a special purpose ______
If a general donation of smaller amount is received by a school, that donation will be shown on ______.
Find the incorrect pair from group A and B.
Find out the wrong pair.
