Which of the following items are not considered in Receipt & Payment A / c but are considered Income & Expenditure A / c?

Outstanding and prepaid

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Capital & revenue

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Both A and B

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None of the above

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Solution

The correct option is A Outstanding and prepaid
The item to be mentioned in income & expenditure account is outstanding or prepaid expenses. But it is not recorded in receipt & payments account because such type of entries are of revenue nature and revenue nature entries cannot be recorded in receipt & payments account.

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Q. Receipt and Payment account shows no ________ items such as depreciation, outstanding expenses, accrued income etc.

Q. Following is the Receipts and Payments Account of You Bee Forty Club for the year ended 31st March, 2018:

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018
Dr.				Cr.
Receipts	₹	Payments	₹
To Balance b/d (cash) To Subscriptions 2016-2017 2017-2018 To Donations To Entrance Fees	1,50,000 60,000 3,50,000 50,000 80,000	By Salaries and Wages By Office Expenses By Sports Equipments By Telephone Charges By Electricity Charges By Travelling Expenses By Balance c/d (Cash)	1,60,000 35,000 3,40,000 24,000 32,000 65,000 34,000


	6,90,000		6,90,000

Additional information :
(a) Outstanding Subscriptions for the year ended 31st March, 2018

—

₹ 55,000.
(b) Outstanding Salaries and Wages

—

₹ 40,000.
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Q. Following is the Receipts and Payments Account of You Bee Forty Club for the year ended 31st March, 2019:

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019
Dr.				Cr.
Receipts	₹	Payments	₹
To Balance b/d (cash)	1,50,000	By Salaries and Wages	1,60,000
To Subscriptions		By Office Expenses	35,000
2016-2017	60,000	By Sports Equipments	3,40,000
2018-2019	3,50,000	By Telephone Charges	24,000
To Donations	50,000	By Electricity Charges	32,000
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	6,90,000		6,90,000

Additional information :
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Prepare Income and Expenditure Account of the Club from the above particulars.

From the following Receipts and Payments Account of Jan Kalyan Club, prepare Income and Expenditure Account for the year ending 31st December, 2012.

$\begin{matrix} Receipts and Payment Account Dr & Suspense Account & Cr \end{matrix} \begin{matrix} Receipts & Amount & Payments & Amount (Rs) & (Rs) To Cash in hand on 1.1.2012 & 6, 800 & By Salary & 24, 000 To Subscriptins & 60, 200 & By Travelling Expenses & 6, 000 To Donation & 3, 000 & By Stationary & 2, 300 To Sale of Furniture (Book value & By Rent & 16, 000 Rs 6,000) & 4, 000 & By Repairs & 700 To Entrance fees & 800 & By Books purchased & 6, 000 To Life Membership fees & 7, 000 & By Building purchased & 30, 000 To Interest on Investments(@5 % & By Cash in hand on 31.12.12 & 1, 800 for full year & 5, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 86, 800 - ------ - - ------ - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 86, 800 - ------ - - ------ - \end{matrix}$

Additional Information :

$\begin{matrix} Particulars & As on & As on 1.1.2012 & 31.12.2012 (i) & Subscriptions Received in Advance & 1, 000 & 3, 200 (i i) & Outstanding Subscriptions & 2, 000 & 3, 200 (i i i) & Stock of Sationery & 1, 200 & 800 (i v) & Books & 13, 500 & 16, 500 (v) & Furniture & 16, 000 & 8, 000 (v i) & Outstanding Rent & 1, 000 & 2, 000 \end{matrix}$

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