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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
Write the word/phrase/term, which can substitute the following sentence.
All such receipts which are non-recurring in nature and not forming a part a regular flow of income.
Receipts and Payments Account falls under the category of _____ Account.
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.
Receipts and Payments Account is a summary of ______.
Donations received for a special purpose ______
The amount received from the sale of grass by a club should be treated as ______
Receipts and Payments Account features include:
A school purchased a furniture for ₹ 80,000 and spent ₹ 1,200 for carriage. The furniture should be capitalised for:
If a general donation of smaller amount is received by a school, that donation will be shown on ______.
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.
