Question 1 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question No.1 Chapter No.1 T.S. Grewal 2 Book Part A 2019 Solution min min 1024x576 - Question 1 Chapter 1 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1

Question 1 Chapter 1 of +2-A

EXERCISE

Receipts and Payment Account

1. From the information given below, prepare Receipts and Payment Account of Railway Club for the Year ended 31st March 2019

  Rs   Rs
Cash in Hand on 1st April 2018 4,390 Salaries 21,500
Subscription  37,600 Honorarium to Secretary  2,500
Donations 8,000 Interest Received on Investments 2,950
Entrance Fees 4,300 Printing and Stationery 350
Rent Received for Club Halls  5,250 Petty Cash Expenses 900
Electricity Charges 3,440 Insurance Premium Paid 310
Taxes Paid  490    

The solution of Question 1 Chapter 1 of +2-A

: – 

In the Books of Railway Club
Receipts and Payment A/c
as on 31st March 2019
Particulars
Amount Particulars
Amount
To Balance b/d 4,390 By Electricity Charges A/c 3,440
To Subscription A/c 37,600 By Taxes Paid A/c 490
To Donations A/c 8,000 By Salaries A/c 21,500
To Entrance Fees A/c 4,300 By Honorarium to Secretary A/c 2,500
To Rent Received for Club Halls A/c 5,250 By Printing and Stationery A/c 350
To Interest Received A/c 2,950 By Petty Cash Expenses A/c 900
    By Insurance Premium A/c 310
       
    By Balance c/d 33,000
  62,490   62,490

Receipts:

It means that when a business has received cash from any source. All receipts are written on the Debit side of the Receipts and Payment account.

Payments:

It means that when a business has paid cash to anyone to run business operation. All Payments are written on the Credit side of the Receipts and Payment account.

Receipts and Payment Account:

It means that in which we record the all-cash/bank related transaction of Not-for-profit businesses, which occur during the year. This is similar to the cash account. It includes all previous as well as future year transactions (related to payment and receipts) which occur in the current year.

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