Advertisements
Advertisements
प्रश्न
Receipt and Payment account is a ______ account.
विकल्प
Personal
- Real
Nominal
None of these
उत्तर
Receipt and Payment account is a real account.
Receipt and Payment Account is a real account as it follows the rule of real accounts, “Debit what comes in, Credit what goes out”. Accordingly, all the cash receipts are debited to this account and all the cash payments are credited to this account.
APPEARS IN
संबंधित प्रश्न
Fees paid by persons to become members of a ‘Not for Profit’ concern.
Write one Word/Term/Phrase for the following statement.
All such receipts which are non-recurring in nature and not forming a part of regular flow of income.
State whether the following statement is True or False.
There is no difference between Receipts and Payment Account and Income and Expenditure Account.
State the meaning of Receipt and Payment Account.
Donation for Scholarship Fund is ______.
The closing balance of Receipts and Payments account usually represent _______.
Write the word/phrase/term, which can substitute the following sentence.
The receipts which are not recurring in nature.
Write the word/phrase/term, which can substitute the following sentence.
Accounts which records only cash transactions in case of Not for Profit Concern.
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.
State whether the following statement is True or False with reasons.
There is no difference between Receipts and Payments Account and Income and Expenditure Account.
State whether the following statement is True or False with reasons.
Receipts and Payments Accounts do not have any opening balance.
State whether the following statement is True or False with reasons.
Purchases of Sports Equipments is a Capital Expenditure.
Receipts and Payments Account falls under the category of _____ Account.
In Receipts and Payments Account the summary of _____ transactions are recorded.
Credit side of Receipts and Payments Account shows cash ______.
Answer in one sentence only.
What is Receipts and Payments Account?
What is receipts and payments account?
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 |
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 |
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 |
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.
What is the nature of the Receipt and payment Account?
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.
Consider the following statements
Statement 1 - "Receipt and Payment Account records the receipts and payments of revenue nature only".
Statement 2 - "Receipt and Payment Account records the receipts and payments of revenue nature and capital nature".
Sports Star Charitable Club has income of ₹ 16,000 and 'deficit' debited to capital fund of ₹ 4,300 for the year 2019-20, then expenditure for 2019-20 is ______.
Receipts and Payments Account is a summary of ______.
Donations received for a special purpose ______
Subscription received by a school for organising annual function is treated as ______.
Which of the following represents capital receipt?
Out of the following items, which one is shown in the Receipts and Payments Account?
A school purchased a furniture for ₹ 80,000 and spent ₹ 1,200 for carriage. The furniture should be capitalised for:
Features of Income and Expenditure are:
(i) No opening or closing balance
(ii) Prepared on an accrual basis
(iii) Records only Revenue Items
(iv) Relevant only to the current year
From the following Receipts and Payments Account of “Matsyodari Engineering College, Aurangabad” for the year ending on 31st March, 2020 and additional informations, prepare Income and Expenditure Account for the year ending 31st March, 2020 and Balance Sheet as on that date:
Dr. | Receipts and payment Account for the year ended 31st March, 2020 |
Cr. | |
Receipts | Amount ₹ | Payments | Amount ₹ |
To Balance b/d | By Salaries to Teaching Staff |
10,00,000 | |
Cash in hand | 8,000 | By Electricity charges | 50,000 |
Cash at bank | 1,00,000 | By Books | 64,000 |
To Interest | 50,000 | By Furniture | 55,000 |
To Subscription | 30,000 | By Stationary | 24,000 |
To Life Membership Fees | 40,000 | By Fixed Deposit | 7,00,000 |
To Donation | 5,00,000 | By Balance c/d | |
To Tuition fees | 11,50,000 | Cash in hand | 20,000 |
To Term fees | 2,00,000 | Cash at bank | 2,25,000 |
To Sundry Receipts | 10,000 | ||
To Admission Fees (Revenue) | 50,000 | ||
21,38,000 | 21,38,000 |
Additional information:
Particulars | 01.04.2019 | 31.03.2020 |
Books | 7,00,000 | 7,00,000 |
Furniture | 3,19,000 | 3,00,000 |
Building fund | 10,00,000 | ? |
Fixed Deposit | 9,10,000 | ? |
Capital Fund | 10,37,000 | ? |
Adjustment:
- 50% Donations are for Building fund and the balance is to be treated a Revenue Income.
- Outstanding subscription ₹ 5,300.
- Life Membership fees are to be capitalised.
Find the incorrect pair from group A and B.
Do you agree or disagree with the following statements:
All receipts are the items of revenue income.
Mumbai University prepares ______ Account instead of a Profit and Loss account.