Receipts and Payments Account resembles .

profit and loss a/c

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

bank statement

No worries! We‘ve got your back. Try BYJU‘S free classes today!

cash book

No worries! We‘ve got your back. Try BYJU‘S free classes today!

balance sheet

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A profit and loss a/c
Receipts and Payments Account resembles cash book. Receipts and payments account is a periodical account which is prepared at the end of a certain period which is usually one year.

Suggest Corrections

Similar questions

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018
Dr.				Cr.
Receipts	(₹)	Payments	(₹)
To Balance b/d	31,900	By Rent	16,800
To Entrance Fees	5,500	By Wages	24,500
To Subscriptions	1,80,000	By Lighting Charges	7,200
To Donations	16,500	By Books	24,800
To Life Membership Fees	25,000	By Medicines (Polio Eradication Project)	1,00,000
To Government Grant (Polio Eradication Project)	2,00,000	By Salaries to Doctors(Polio Eradication Project)	80,000
To Proceeds of Seminar	23,200	By Office Expenses	45,000
To Interest on Deposits	2,400	By 8% Fixed Deposits	1,20,000
		(On 1st October, 2017)
		By Seminar Expenses	20,200
		By Cash in Hand	26,000
		By Bank A/c (Polio Eradication Project)	20,000


	4,84,500		4,84,500

RECEIPTS AND PAYMENTS ACCOUNT
Dr.				Cr.
Receipts	₹	Payments	₹
To Opening Balance	39,000	By Wages and Salaries	60,000
To Subscriptions	1,81,000	By Upkeep of Grounds	10,000
To Sale of old Materials	1,500	By Stationery	15,000
To Sale of Sports Equipment	6,000	By Audit Fee	2,000
( Costing ₹ 10,000)		By Expenses on Teams	65,000
To Entrance Fees	2,000	By Sports Equipments	20,000
To Life Membership Fees	50,000	By 5% Investments	40,000
To Donations for Tournament	20,000	( On 1st October, 2017)
		By Cash and Bank Balances	87,500


	2,99,500		2,99,500

The receipts and payments account is the summary of cash and bank transactions which helps in the preparation of ___

The receipts and payments account is the summary of cash and bank transactions which helps in the preparation of _____________.

Join BYJU'S Learning Program