Question

From the particular taken from the cash book Nashik health club preparation receipt and payment account

Answer 1

A payment and receipt account is known to be a summarized cash book. The receipt and payment account of Nashik health club is prepared below.

Explanation:

A cash book refers to a financial journal in which all types of cash receipts are involved.

A payment and receipt account is known to be a summarized cash book for a particular time period. The closing balance of this account indicates cash at bank and cash in hand at the end of the year.

The receipt and payment account of Nashik health club is prepared below, that will include following items:

Receipt side:

i. Cash at bank

ii. Cash in hand

iii. Donations

iv. Subscriptions

Payment side:

i. Investment

ii. Rent

iii. General expenses

iv. Postage & stationary

v. Sundry expenses

vi. Courier charges

For more:

1. State the basis of accounting on which ‘Receipt and payment account’ is prepared in case of non-for profit organisation.

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2. What are the objective of receipts and payment account?

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