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Question
Write the word/phrase/term, which can substitute the following sentence.
The receipts which are not recurring in nature.
Solution
The receipts which are not recurring in nature. - Capital Receipt
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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 |
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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.
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(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.
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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.
Complete the following sentence.
"______ donations are to be utilized to promote the general purpose of the organization".
Assertion (A): The Subscription received during the year is recorded in the Receipts and Payments Account.
Reason (R): Receipts and Payments Account records all the cash transactions whether pertaining to the current year or the previous year.
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The nature of Receipts and Payments Account is ______.
A donation received for a special purpose is a ______
Donations received for a special purpose ______
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Which of the following represents capital receipt?
The amount received from the sale of grass by a club should be treated as ______
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Payment of Honorarium of Secretary is a ______.
As per Receipts and Payments Account of Kala Club for the year ended 31st March, 2021, subscriptions received were ₹ 4,00,000.
| ₹ | |
| Subscriptions outstanding on 1.4.2020 | 1,00,000 |
| Subscriptions outstanding on 31.3.2021 | 70,000 |
| Subscriptions received in advance on 1.4.2020 | 50,000 |
| Subscriptions received in advance on 31.3.2021 | 80,000 |
Calculate the amount of subscriptions to be shown in Income and Expenditure Account for the year ended 31st March, 2021 as income from subscription.
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.
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