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Question
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 |
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Solution
| Dr. | Cuddalore Kabadi Association Receipts and Payments Account for the year ending 31.03.19 | Cr. | |
| Receipts | ₹ | Payments | ₹ |
| To Balance B/d (Cash) | 11,000 | By Bank overdraft | 20,000 |
| To Miscellaneous income | 350 | By Stationery purchased | 5,200 |
| To Grant from Government | 12,000 | By Travelling expenses | 1,800 |
| To Endowment fund receipts | 10,000 | By General expenses | 500 |
| To Dividend | 3,000 | By Courier charges | 2,000 |
| To Admission fees | 4,000 | By Municipal taxes | 3,000 |
| To Bank Overdraft | 4,500 | By Interest and bank charges | 250 |
| By Upkeep of ground | 550 | ||
| By Telephone charges | 2,800 | ||
| By Insurance premium | 2,000 | ||
| By Electricity charges | 5,000 | ||
| By Balance c/d (Cash) | 1,750 | ||
| 44,850 | 44,850 | ||
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RELATED QUESTIONS
Receipts and Payments Account falls under the category of _____ Account.
Answer in one sentence only.
What is Receipts and Payments Account?
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 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.
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.
Receipts and Payments Account is a summary of ______.
Out of the following items, which one is shown in the Receipts and Payments Account?
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.
Do you agree or disagree with the following statements:
All receipts are the items of revenue income.
