Question

From the following particulars prepare a Receipts and Payments A/c.
Rs.
Preparation of
100
500
Cash in hand
Cash at Bank
Subscription received
Donation received
3,300
260
1.000
400
Investment purchased
Rent paid
General Expenses
Postage and Stationery
Sundry Expenses
210
70
30
Cash balance at close
20​

Answer 1

Answer:

Receipts and payments accounts are created using a simple report that summarises all moneybags entered and paid via the bank and in cash by the charity during its fiscal time, along with a statement of balances.

• Bills are sanctioned record that represents evidence of a fiscal sale or purchase.

• Statements are issued in business-to-business dealings as well as stock request deals.

• Invoices are also necessary for duty purposes as evidence of specific charges.

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Answer 2

Answer:

From the particulars given, the receipt and Payment account was prepared and given below.

Explanation:

Given:

Particulars                                           Rs

• Cash in hand                                      100
• Cash at Bank                                      500                                
• Subscription received                       3,300
• Donation received                            260
• Investment purchased                      1.000
• Rent paid                                           400
• General Expenses                             210
• Postage and Stationery                     70
• Sundry Expenses                               30
• Cash balance at close                       20​

RECEIPTS AND PAYMENTS ACCOUNT:

........................................................................................................................................

Particulars                         Rs                     Particulars                      Rs

........................................................................................................................................

To Balance b/d

   Cash in hand                100

   Cash at bank                500               By rent                                   400

To Subscription               3300             By investment                        1000

To Donation                     260               By General Expenses            210

                                                               By Postage and Stationary    70

                                                               By Sundry expenses              30

                                                               By Balance c/d

                                                                         Cash                              20

                                                                         Bank ( b/f )                   2430

..........................................................................................................................................  

               Total       :        4160                               Total           :             4160

..........................................................................................................................................

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