What is Receipt and Payment account – format in Excel & PDF

What is Receipt and Payment account - Feature Image-min

In the financial Statements of Not-for-profit organisations, one of the statement Receipt and Payment account is also prepared along with the Income and Expenditure Account and Balance Sheet. 

Free Accounting book Solution - Class 11 and Class 12

Meaning of the Receipts and Payments account: –

It is just a summary of the all-cash transactions (including transaction done through the Bank) related to receipts and payments made by the organisation during a relevant accounting period. This account is being prepared at the end of the financial year along with the income and expenditure account and balance sheet.

The cash book and Receipts and Payment A/c both provide the same information but in a different manner. In the cash book, all the transaction are recorded in chronological order but in Receipts and Payment A/c the only summary of accounts are shown at the end of the relevant accounting period. The Receipts and Payment A/c does not give the date of Transactions. 

In the Receipts and Payment A/c, all the cash receipts are recorded on the debit side and all cash payments are recorded on the credit side of the account. 

Example of Receipts and Payments Account: –

We have created two examples for you, One is with a favourable bank balance (under draft) and another is with an unfavourable bank balance(Overdraft). These are shown as under: –

1. With Favourable Bank Balance: –

Question:

Please prepared the Receipt and payment account as of 31/03/2020 from the following information:

Name of Accounts  Amount   Name of Accounts  Amount 
Cash In Hand as on 31/03/2019 25000 Investment 158000
Cash at Bank as on 31/03/2019 150000 Land and Building 450000
Subscriptions received    Legacies  400000
For 2019-20 5000 Life Membership fee  50000
For 2020-21 500000 Miscellaneous Expenses  125
For 2021-22 25000 Miscellaneous Receipts  200
Subscription for Specific services  10000 Municipal Taxes  1750
Admission Fee  15000 Newspapers and Magazines, etc. 5000
Advertisement  15000 Office Expenses  5900
Audit Fee 22500 Postage and Telegram 725
Books  5700 Printing and Stationery  6700
Dividend Received 11000 Prize and rewards  12500
Donation for Specific Assets or purpose  250000 Purchase of Fixed Assets 495000
Endowment Fund  6000 Receipts on Account of Specific Fund  75000
Entrance Fee  35000 Rent paid  24600
General Donations 60000 Rent Received 18000
General Grants 15000 Repair and Maintenance  8900
Grant for Specific Assets or purpose  100000 Salaries  50000
Honorarium  6900 Sale of old Assets  7800
Insurance  35000 Sale of Scrap  1200
Interest paid  1250 Sports Equipment 75600
Interest Received 13000 X’s Loan (Repaid) 60000

Solution: 

Receipts and Payments Account Examples No. 1  - What is Receipt and Payment account - format in Excel & PDF
Receipt and Payment A/c Examples No. 1

2. With Unfavourable Bank Balance: –

In this example, we have just changed the bank balance. 

Question:

Please prepared the Receipt and payment account as of 31/03/2020 from the following information:

Name of Accounts  Amount   Name of Accounts  Amount 
Cash In Hand as on 31/03/2019 25000 Investment 158000
Bank Overdraft as on 31/03/2019 995079 Land and Building 450000
Subscriptions received    Legacies  400000
For 2019-20 5000 Life Membership fee  50000
For 2020-21 500000 Miscellaneous Expenses  125
For 2021-22 25000 Miscellaneous Receipts  200
Subscription for Specific services  10000 Municipal Taxes  1750
Admission Fee  15000 Newspapers and Magazines, etc. 5000
Advertisement  15000 Office Expenses  5900
Audit Fee 22500 Postage and Telegram 725
Books  5700 Printing and Stationery  6700
Dividend Received 11000 Prize and rewards  12500
Donation for Specific Assets or purpose  250000 Purchase of Fixed Assets 495000
Endowment Fund  6000 Receipts on Account of Specific Fund  75000
Entrance Fee  35000 Rent paid  24600
General Donations 60000 Rent Received 18000
General Grants 15000 Repair and Maintenance  8900
Grant for Specific Assets or purpose  100000 Salaries  50000
Honorarium  6900 Sale of old Assets  7800
Insurance  35000 Sale of Scrap  1200
Interest paid  1250 Sports Equipment 75600
Interest Received 13000 X’s Loan (Repaid) 60000

Solution: 

 
Receipts and Payments Account Examples No. 2  - What is Receipt and Payment account - format in Excel & PDF
Receipts and Payments A/c Examples No. 2

Format of Receipt and Payment Account: –

We have created the format of receipts and Payments A/c in PDF and Excel. These are shown as below: –

1. Format in Excel: –

Download the Excel Sheet from the below link. It has two worksheets 

  1. Format for favourable bank Balance 
  2. Format for Unfavourable Bank Balance
Microsoft excel - What is Receipt and Payment account - format in Excel & PDF
Receipts and Payments A/c Format

2. Format in PDF: –

Download the PDF from the below link. 

  1. Format of Receipt and Payment A/c – Favourable bank Balance
  2. Format of Receipt and Payment A/c – Unfavourable 

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