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प्रश्न
Receipts and payments account records receipts and payments of _____________.
पर्याय
Revenue nature only
Capital nature only
Both revenue and capital nature
None of the above
उत्तर
Receipts and payments account records receipts and payments of Both revenue and capital nature.
APPEARS IN
संबंधित प्रश्न
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.
Receipts and Payments Account contains only the transactions relating to the current year.
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 information given below, prepare the Receipts and Payments account of Coimbatore Cricket Club for the year ending 31st March, 2019.
| Particulars | ₹ | ₹ | Particulars | ₹ |
| Bank overdraft (1.4.2018) | 6,000 | Honorarium paid | 2,800 | |
| Cash in hand (1.4.2018) | 1,000 | Water and electricity charges | 700 | |
| Wages paid for ground maintenance | 2,000 | Match expenses | 2,600 | |
| Subscription received: | Sports material purchased | 1,900 | ||
| Previous year | 500 | Match fund receipts | 5,200 | |
| Current year | 9,600 | Legacies received | 2,000 | |
| Subsequent year | 400 | 10,500 | Cash balance (31.03.2019) | 300 |
| Wages yet to be paid | 2,200 | Donation received for pavilion | 2,000 | |
| Interest on loan paid | 2,000 |
Write the steps in ascending order of Conversion of a Receipt and Payment Account into an Income and Expenditure Account:
(i) Adjusting the revenue receipts on the debit side to include outstanding incomes and incomes relating to the current year received earlier and to exclude amounts received in arrears or in advance.
(ii) identifying and showing non-cash expenses and losses on the debit side of the Income and Expenditure Account.
(iii) computing and showing profits/losses from trading and/or social activities on the credit/debit side of the Income and Expenditure Account.
(iv) Ascertaining the surplus or deficit as the dosing balance of the Income and Expenditure Account.
(v) adjusting revenue payments on the credit side.
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.
Identity the type of fund stated below:
'Himanshu Club has a fund which can only be used for the distribution of prizes.'
Payment of Honorarium of Secretary is a ______.
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.
From the following Receipts and Payments Account of Bharati Vidyapeeth College, Kolhapur for the year ending 31st March, 2019 and additional information, Prepare Income and Expenditure Account for the year ended 31st March, 2019 and a Balance Sheet as on that date.
| Dr. | Receipts and payment Account for the year ended 31st March, 2019 |
Cr. | |
| Receipts | Amount ₹ | Payments | Amount ₹ |
| To Balance b/d: | By Salaries to: | ||
| Cash | 12,000 | Teaching Staff | 15,00,000 |
| Bank | 2,00,000 | Office Staff | 8,55,000 |
| To Interest | 60,000 | By Printing & Stationery | 27,000 |
| To Donation | 7,00,000 | By Books | 88,000 |
| To Tuition Fees | 15,00,000 | By Furniture (Purchased on 1-1-2019) | 78,000 |
| To Admission Fees | 65,000 | By Drama Expenses | 90,000 |
| To Term Fees | 4,00,000 | By Postage | 7,000 |
| To Drama Receipts | 1.00,000 | By Telephone Charges | 6,000 |
| To Rent from use of Hall | 6,000 | By Electricity | 61,000 |
| To Legacies (Capital) | 60,000 | By Magazines and Newspaper | 6,500 |
| By Balance c/d : | |||
| Cash | 62,000 | ||
| Bank | 3,23,000 | ||
| 31,03,000 | 31,03,000 | ||
Additional information:
| Particulars | 01.04.2018 | 31.03.2019 |
| Books | 9,00,000 | 8,88,000 |
| Furniture | 3.26.000 | 3,00,000 |
| Building Fund | 8,27,000 | ? |
| Capital Fund | 6,11,000 | ? |
- 60 % Donations are for Building Fund and Balance is to be treated as Revenue Income.
- Outstanding Office Staff Salaries ₹ 70,000
