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प्रश्न
What is receipts and payments account?
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.
APPEARS IN
संबंधित प्रश्न
Write the word/phrase/term, which can substitute the following sentence.
The receipts which are not recurring in nature.
Balance of receipts and payments account indicates the _________.
Give four examples for capital receipts of the not-for-profit organisation.
From the information given below, prepare the Receipts and Payments account of Madurai Mother Theresa Mahalir Mandram for the year ended 31st December, 2018.
| Particulars | ₹ | Particulars | ₹ |
| Cash balance as on 1.1.2018 | 2,000 | Fire Insurance premium paid | 1,500 |
| Bank balance as on 1.1.2018 | 3,000 | Subscription received | 8,500 |
| Sale of old newspapers | 500 | Furniture purchased | 6,000 |
| Stationery purchased | 6,000 | Purchase of newspapers | 700 |
| Audit fees paid | 2,000 | Depreciation on furniture | 900 |
| Entrance fees received | 3,000 | Cash balance as on 31.12.2018 | 2,500 |
| Sundry charges | 6,000 | Conveyance paid | 1,000 |
| Scholarships given | 2,000 | Sale of furniture | 4,000 |
| Interest on investments | 2,000 |
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 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".
Amount received from 'Special Contribution for Silver Jubilee' by a club should be treated as:
Pick the odd one out:
Out of the following items, which one is shown in the Receipts and Payments Account?
Payment of Honorarium of Secretary is a ______.
