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Question
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 |
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Solution
| Dr. | Mayiladuthurai Recreation Club Receipts and Payments Account for the year ending 31.3.19 | Cr. | |
| Receipts | ₹ | Payments | ₹ |
| To Balance b/d (Cash) | 15,000 | By Rent | 1,000 |
| To Balance b/d (Bank) | 25,000 | By Refreshment charges | 13,000 |
| To Donations received | 48,000 | By Construction of tennis court | 7,000 |
| To Sale of old equipment | 26,000 | By Salary of watchman | 12,000 |
| To Club annual day collections | 18,000 | By Club annual day expenses | 15,000 |
| To Receipts from charity show | 4,000 | By Lighting charges | 16,500 |
| To Sale of investments | 12,000 | By Entertainment expenses | 13,500 |
| By Billiards table purchased | 5,000 | ||
| By Expenses of charity show | 3,000 | ||
| By Balance Cash | 12,000 | ||
| By Balance Bank | 50,000 | ||
| 1,48,000 | 1,48,000 | ||
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RELATED QUESTIONS
Write the word/phrase/term, which can substitute the following sentence.
Accounts which records only cash transactions in case of Not for Profit Concern.
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 |
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.
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.
Receipts and Payments Account is a summary of ______.
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:
A donation received for a special purpose is a ______
Donations received for a special purpose ______
Find out the wrong pair.
