receipt n payment ac(12th)

AccountsAccounts PresentationPresentation

TOPIC – Receipts & Payment

A/C

By – Aatman Kothari

XII “C”

DEFINATION & EXPLANATIONDEFINATION & EXPLANATION

• Receipt and payment account is a mere summary of cash book for a year. It begins with the cash in hand at the commencement and ends with that at the end of the year. Similarly to cash account, in receipts and payments account receipts are shown on the debit side while payments are shown on the credit side, without any distinction between capital and revenue. Moreover, it does not include an unpaid expenditure ,not any unrealized income relating to the period under review and so fails to reveal the financial position on the concern.

FORMATFORMAT

Receipts `

Payments `

To Balance b/d :Cash in Hand XX

Cash at Bank XXTo Annual subscriptionTo Life membership feesTo Entrance feesTo interest on securitiesTo sundry receiptsTo Rent of Hall, LawnTo Donation

XXXXXXXXXXXXXXXX

By general expensesBy salaries and wagesBy furnitureBy rent, rates & taxesBy printing & stationaryBy RepairsBy HonorariumBy Balance c/d :

Cash in Hand XX Cash at Bank XX

XXXXXXXXXXXXXX

XX

XXX XXX

EENND.D.