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Show the Receipts and Payments Account for the Year Ended 31st March, 2019. - Accountancy

Ledger

Bengal Cricket Club was inaugurated on 1st April, 2018. It had the following Receipts and Payments during the year ended 31st March, 2019:
Receipts: Entrance Fees ₹ 10,000; Subscriptions ₹ 60,000; Donations ₹ 10,000.
Payments: Rent ₹ 15,000; Postages ₹ 1,000; Newspapers and Magazines ₹ 8,000; Investments ₹ 30,000; Stationery ₹ 4,000; Entertainment Expenses ₹ 3,000; Miscellaneous Expenses ₹ 2,000.
Show the Receipts and Payments Account for the year ended 31st March, 2019.

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Solution

In the books of Bengal Cricket Club

Dr.

Receipts and Payments A/c for the year ended 31st March, 2019

Cr.

Receipts

Amount

(₹)

Payments

Amount

(₹)

To Entrance Fees

10,000

By Rent

15,000

To Subscriptions

60,000

By Postages

1,000

To Donations

10,000

By Newspapers and Magazines

8,000

 

 

By Investments

30,000

 

 

By Stationery

4,000

 

 

By Entertainment Expenses

3,000

 

 

By Miscellaneous Expenses

2,000

 

 

By balance c/d
(as on 31st Mar, 2019)

17,000

 

80,000

 

80,000

Concept: Preparation of Receipts and Payments Account
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APPEARS IN

TS Grewal Class 12 Accountancy - Double Entry Book Keeping Volume 1
Chapter 1 Financial Statements of Not for Profit Organisations
Exercise | Q 2 | Page 55
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