Match List - I with List - II.List - IList - II(A) Receipts and Payme… | Accountancy Part A CUET question

Match List - I with List - II.

List - I	List - II
(A) Receipts and Payment A/c	(I) Special fund
(B) Capital receipt	(II) Life membership fees
(C) Match fund	(III) Accrual basis
(D) Income and Expenditure A/c	(IV) Cash basis

Choose the correct answer from the options given below :

Answer & explanation

Correct answer: option 3

The correct answer is Option (3) → (A) - (IV), (B) - (II), (C) - (I), (D) - (III)

(A) Receipts and Payment A/c — this matches (IV) Cash basis. It is a summary of actual cash and bank receipts and payments.

(B) Capital receipt — this matches (II) Life membership fees. Life membership fees are not a regular yearly income; they are added to the capital fund.

(C) Match fund — this matches (I) Special fund. A match fund is kept for a specific purpose, with its income and expenses adjusted in the fund itself.

(D) Income and Expenditure A/c — this matches (III) Accrual basis. It shows the income and expenses of the year whether received or paid or not, like a profit and loss account.

Note: This question is from the pre-rationalised NCERT book. The topic is not there in the latest NCERT book (2026-27), but it is still in the CUET 2026 syllabus, so do not skip it.

NCERT (Pre-rationalised edition):
Receipt and Payment Account – “It is prepared at the end of the accounting year on the basis of cash receipts and cash payments recorded in the cash book.”

NCERT (Pre-rationalised edition):
Income and Expenditure Account – “It is the summary of income and expenditure for the accounting year. It is just like a profit and loss account prepared on accrual basis in case of the business organisations.”

NCERT (Pre-rationalised edition):
Steps in the Preparation of Income and Expenditure Account – “… 4. Life membership fee is an item of capital receipt and so excluded.”

NCERT (Pre-rationalised edition):
Special Funds – “… The Not-for-Profit Organisations office create special funds for certain purposes/activities such as 'prize funds', 'match fund' and 'sports fund', etc. Such funds are invested in securities and the income earned on such investments is added to the respective fund, not credited to Income and Expenditure Account.”