T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1 Solutions Chapter No. 1 - Financial Statements of Not-for-Profit Organisations - T.S. Grewal - XII

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 a 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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Also, Check out the solved question of previous Chapters: -

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

[caption id="attachment_6900" align="aligncenter" width="300"] Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms[/caption]