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

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. 

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: 

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: 

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

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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