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Question
Receipts and payments account is a _________.
Options
Nominal A/c
Real A/c
Personal A/c
Representative personal account
Solution
Receipts and payments account is a Real A/c.
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RELATED QUESTIONS
Write the word/phrase/term, which can substitute the following sentence.
The receipts which are not recurring in nature.
Receipts and payments account records receipts and payments of _____________.
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 |
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 expenses ₹ 27,000 (excluding ₹ 7,000 unpaid expenses). The amount to be credited to Receipts and Payments Account will be:
Which of the following represents capital receipt?
The amount received from the sale of grass by a club should be treated as ______
Receipts and Payments Account features include:
Payment of Honorarium of Secretary is a ______.
Find the incorrect pair from group A and B.
