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Prepare Receipts and Payments A/c of the library for the year 2008. The following informations are in the Cash balance (1.1.2008) Rs. 4,000; Entry fees received in 2008 Rs. 600; Subscription received for 2008 Rs. 1,000, for 2007 (during 2008) Rs. 200; Rent paid during 2008 Rs. 150; Books purchased Rs. 1,100; Newspapers purchased Rs. 500. Salaries Rs. 500 paid.?
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Prepare Receipts and Payments A/c of the library for the year 2008. Th...
**Receipts and Payments Account of the Library for the year 2008**

The Receipts and Payments Account is a summary of all cash receipts and payments made by an organization during a specific period. It provides a clear picture of the organization's financial transactions and helps in determining the surplus or deficit for the period.

The following information is provided for the library for the year 2008:

1. Cash balance (1.1.2008) Rs. 4,000
2. Entry fees received in 2008 Rs. 600
3. Subscription received for 2008 Rs. 1,000
4. Subscription received for 2007 (during 2008) Rs. 200
5. Rent paid during 2008 Rs. 150
6. Books purchased Rs. 1,100
7. Newspapers purchased Rs. 500
8. Salaries Rs. 500 paid

**Receipts:**

- Entry fees received in 2008: Rs. 600
- Subscription received for 2008: Rs. 1,000
- Subscription received for 2007 (during 2008): Rs. 200

**Payments:**

- Rent paid during 2008: Rs. 150
- Books purchased: Rs. 1,100
- Newspapers purchased: Rs. 500
- Salaries paid: Rs. 500

**Calculation of Cash Balance:**

- Opening cash balance (1.1.2008): Rs. 4,000
- Receipts: Rs. 600 + Rs. 1,000 + Rs. 200 = Rs. 1,800
- Payments: Rs. 150 + Rs. 1,100 + Rs. 500 + Rs. 500 = Rs. 2,250

**Closing Cash Balance:**

- Opening cash balance + Receipts - Payments = Rs. 4,000 + Rs. 1,800 - Rs. 2,250 = Rs. 3,550

**Receipts and Payments Account for the year 2008:**

| Particulars | Amount (Rs.) | Particulars | Amount (Rs.) |
|-------------|--------------|-------------|--------------|
| Cash Balance (1.1.2008) | 4,000 | By Entry fees received in 2008 | 600 |
| | | By Subscription received for 2008 | 1,000 |
| | | By Subscription received for 2007 (during 2008) | 200 |
| Total Receipts | 5,800 | | |
| | | | |
| By Rent paid during 2008 | 150 | | |
| By Books purchased | 1,100 | | |
| By Newspapers purchased | 500 | | |
| By Salaries paid | 500 | | |
| Total Payments | 2,250 | | |
| | | | |
| Closing Cash Balance (31.12.2008) | 3,550 | | |

**Explanation:**

The Receipts and Payments Account starts with the opening cash balance of Rs. 4,000 on 1st January 2008. The receipts for the year include entry fees received in 2008 (Rs. 600), subscription received for 2008 (Rs. 1,000), and subscription received for 2007
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Prepare Receipts and Payments A/c of the library for the year 2008. The following informations are in the Cash balance (1.1.2008) Rs. 4,000; Entry fees received in 2008 Rs. 600; Subscription received for 2008 Rs. 1,000, for 2007 (during 2008) Rs. 200; Rent paid during 2008 Rs. 150; Books purchased Rs. 1,100; Newspapers purchased Rs. 500. Salaries Rs. 500 paid.?
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Prepare Receipts and Payments A/c of the library for the year 2008. The following informations are in the Cash balance (1.1.2008) Rs. 4,000; Entry fees received in 2008 Rs. 600; Subscription received for 2008 Rs. 1,000, for 2007 (during 2008) Rs. 200; Rent paid during 2008 Rs. 150; Books purchased Rs. 1,100; Newspapers purchased Rs. 500. Salaries Rs. 500 paid.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Prepare Receipts and Payments A/c of the library for the year 2008. The following informations are in the Cash balance (1.1.2008) Rs. 4,000; Entry fees received in 2008 Rs. 600; Subscription received for 2008 Rs. 1,000, for 2007 (during 2008) Rs. 200; Rent paid during 2008 Rs. 150; Books purchased Rs. 1,100; Newspapers purchased Rs. 500. Salaries Rs. 500 paid.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Prepare Receipts and Payments A/c of the library for the year 2008. The following informations are in the Cash balance (1.1.2008) Rs. 4,000; Entry fees received in 2008 Rs. 600; Subscription received for 2008 Rs. 1,000, for 2007 (during 2008) Rs. 200; Rent paid during 2008 Rs. 150; Books purchased Rs. 1,100; Newspapers purchased Rs. 500. Salaries Rs. 500 paid.?.
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