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Home Questions BBRK595EVB
Target Exam

CUET

Subject

Accountancy

Chapter

Accounts for Non Profit Organsiation

Question:

From the following particulars, prepare the Receipt and Payment account for the year ending 31st March 2023 and choose the correct answer for the balancing figure for bank balance?

Particulars Amount(₹) Particulars Amount(₹)
Opening cash balance 500 Sale of old sports materials 600
Opening bank balance 3,600 Donation received 2,300
Subscriptions collected for   Rent paid 1,500
     2016-17                 ₹ 250   Sports materials purchased 2,400
     2017-18                ₹ 3,800   Purchase of refreshments 300
      2018-19              ₹ 450 4,500 Expenses for maintenance 1,000
Sale of refreshments 500 Salary paid 1,250
Entrance fees 500 Tournament expenses 1,200
    Furniture purchased 750
    Office expenses 600
    Closing cash in hand 200
 

 

Options:

₹2,200

₹3,300

₹2,300

₹3,100

Correct Answer:

₹3,300

Explanation:

The correct answer is option 2- ₹3,300.

 

Dr.                                    For the year ended 31st March 2023                                                                       Cr.

Receipts Amount Payments Amount
       
To Balance b/d (Cash) 500 Sports material purchased 2,400
To Balance b/d  (Bank) 3,600 Maintenance expenses 1,000
Subscriptions   Salary 1,250
     2016-17                      250   Tournament expenses 1,200
     2017-18                      3,800   Furniture purchased 750
     2018-19                      450 4,500 Office expenses 600
Sale of refreshments 500 Purchase of refreshment 300
Entrance fees 500 Balance c/d (Cash)  200
Donation received 2,300 Rent 1,500
Sale of old sports materials 600 Bank (bal. figure) 3,300
 Total 12,500   12,500

 

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