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Question
Write a word / term / phrase which can substitute of the following statement.
The fees paid by a person who wants to become a life member of the concern, for his whole life.
One Word/Term Answer
Solution
Life membership fees
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Feature of Receipts and Payments Account
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State whether the following statement is True or False.
All receipts are the items of revenue income.
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Distinguish between and 'Income and Expenditure Account' and 'Receipts and Payments Account' on the following basis:
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From the following particulars taken from the Cash Book of a health club, prepare a Receipts and Payments Account.
| Particulars | Rs |
| Opening balance: | |
| Cash in Hand | 5000 |
| Cash at Bank | 25000 |
| Subscriptions | 165000 |
| Donations | 35000 |
| Investment Purchased | 80000 |
| Rent Paid | 20000 |
| General Expenses | 21500 |
| Postage and stationery | 2000 |
| Courier charges | 1000 |
| Sundry Expenses | 2500 |
| Closing Cash in Hand | 12000 |
