3. RECEIPT AND PAYMENT ACCOUNT
• It is prepared at the end of accounting
year on the basis of cash receipts and
cash payments recorded in the cash
book.
• It is a summary of cash and bank
transactions under various heads.
4. RECEIPT AND PAYMENT ACCOUNT
• It includes all items of capital and revenue pertaining
to the current period, previous period or succeeding
period.
• The opening balance represents cash in hand which is
shown on its receipts side
• The closing balance of this account represents cash in
hand and bank balance as at the end of the year.year.
5.
6. PREPARATION OF RECEIPTS AND PAYMENT
ACCOUNT
Receipt and Payment Account for the year ending ………
Receipts Amount(Rs.) Payment Amount(Rs.)
Balance b/d
– Cash
--
Bank
XXXX
XXXX
Cash in hand has always a debit balance
but bank may show either debit or credit (over
draft)balance
7. PREPARATION OF RECEIPTS AND
PAYMENT ACCOUNT
Receipt and Payment Account for the year ending ………
Receipts Amount
(Rs.)
Payment Amount
(Rs.)
Capital receipts
Revenue receipts
Show all items of
receipts on debit
side individually
(both capital and
revenue)
8. PREPARATION OF RECEIPTS AND
PAYMENT ACCOUNT
Receipt and Payment Account for the year ending ………
Receipts Amount
(Rs.)
Payment Amount
(Rs.)
Revenue Payments
Capital Payments
XXXX
XXXX
Show all
payments on
credit side (both
capital and
revenue)
9. PREPARATION OF RECEIPTS AND
PAYMENT ACCOUNT
Receipt and Payment Account for the year ending ………
Receipts Amount
(Rs.)
Payment Amount
(Rs.)
closing
balance shows
cash in hand and
at bank or bank
overdraft.
10. Items of
Receipt and Payment Account
1. Revenue Receipts
2. Capital Receipts
3. Revenue Payments
4. Capital payments.
11. 1.Revenue Receipts
(The amounts received on a recurring nature)
a) Annual membership subscription.
b) Admission fee not capitalized.
c) Receipts from sale of old news papers and
magazines.
d) Interest received on investment, fixed
deposits and loan advanced.
e) Hall rent received.
12. Revenue Receipts
f) Donations, grants and legacies
(Legacy - receipt as per the will of a
deceased person).
g) Locker rent, cloak room rent received.
h) Receipts from sale of refreshment.
i) Any other items of similar nature
13. 2.Capital Receipts
(The amounts received in the current year, but the
benefit of which may relate to future years also)
a) Donations from outsiders or members
for specific purpose.
b) Amount received as loans.
c) Life membership subscription.
d) Admission fees to the extent capitalized
14. Capital Receipts
e)Sale proceeds of fixed assets.
f)Legacies for specific purposes.
g)Grants received from Government for
meeting capital expenditure
h)Any other receipts of capital nature.
15. 3.Revenue Payments
(Payments of recurring nature)
a) Salaries, wages and honorarium paid.
b)Rent, taxes, insurance, electricity
charges, printing and stationary, postage
and telegram, repairs etc..
c) Travelling and conveyance allowances
16. Revenue Payments
(Payments of recurring nature)
d) Payments for organizing sports meets and
tournaments.
e) Payments for purchase of refreshment,
dinner etc.
f) Interest paid on loan and on bank overdraft.
g) Any other payment of revenue nature.
17. Payments made in the current year, the
benefit of which will relate to future
years also
18. Items of Capital Payments
a) Construction expenses.
b) Purchase of fixed assets/investments
c) Purchase of books for library.
d) Amounts advanced to outsiders as loans.
e) Purchase of sports goods and
equipments.
f) Any other payments of capital nature.