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Q16] prepare receipt and payment account Cash balance [opening]3500 , admission fees 600, subscription received 1700 , paid rent 90, purchase of cricket ball 620 purchase of cricket bat 550, other expenses 15, stationery expenses 10, salary 150?
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Q16] prepare receipt and payment account Cash balance [opening]3500 , ...
Receipt and Payment Account for XYZ Club


Cash Receipts:


  • Admission fees: 600

  • Subscription received: 1700


Total Cash Receipts: 2300

Cash Payments:


  • Rent paid: 90

  • Purchase of cricket ball: 620

  • Purchase of cricket bat: 550

  • Other expenses: 15

  • Stationery expenses: 10

  • Salary paid: 150


Total Cash Payments: 1435

Cash Balance:

Opening Cash Balance: 3500
Add: Cash Receipts: 2300
Total Cash Available: 5800
Less: Cash Payments: 1435
Closing Cash Balance: 4365

Explanation:

The receipt and payment account is a summary of all cash transactions of a club during a particular period. In this case, the account shows the cash receipts and payments of XYZ Club for the period under consideration.

The club received admission fees of 600 and subscriptions of 1700 during the period. These are the cash receipts for the club during the period.

The club made various payments during the period, including rent of 90, purchase of a cricket ball for 620, purchase of a cricket bat for 550, other expenses of 15, stationery expenses of 10, and salary of 150. These are the cash payments made by the club during the period.

The opening cash balance of the club was 3500. Adding the cash receipts of 2300, the total cash available for the club during the period was 5800. Subtracting the cash payments of 1435, the closing cash balance of the club at the end of the period was 4365.

The receipt and payment account is useful for tracking the cash flow of the club and ensuring that the club has enough cash on hand to meet its expenses.
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Q16] prepare receipt and payment account Cash balance [opening]3500 , admission fees 600, subscription received 1700 , paid rent 90, purchase of cricket ball 620 purchase of cricket bat 550, other expenses 15, stationery expenses 10, salary 150?
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Q16] prepare receipt and payment account Cash balance [opening]3500 , admission fees 600, subscription received 1700 , paid rent 90, purchase of cricket ball 620 purchase of cricket bat 550, other expenses 15, stationery expenses 10, salary 150? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Q16] prepare receipt and payment account Cash balance [opening]3500 , admission fees 600, subscription received 1700 , paid rent 90, purchase of cricket ball 620 purchase of cricket bat 550, other expenses 15, stationery expenses 10, salary 150? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Q16] prepare receipt and payment account Cash balance [opening]3500 , admission fees 600, subscription received 1700 , paid rent 90, purchase of cricket ball 620 purchase of cricket bat 550, other expenses 15, stationery expenses 10, salary 150?.
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