Receipt and Payment Account of Sai Club for the Year Ended 31 December 2017

The receipt and payment account is a summary of all the cash transactions conducted by an organization during a particular period. It records all the money received and paid out by the organization during the period, irrespective of the year of accrual or payment.

Receipts

The receipts of Sai Club for the year ended 31 December 2017 amounted to a total of $50,000. The breakdown of the receipts is as follows:

- Membership fees: $20,000
- Donations: $15,000
- Fundraising events: $10,000
- Bank interest: $5,000

Payments

The payments made by Sai Club during the year ended 31 December 2017 amounted to a total of $40,000. The breakdown of the payments is as follows:

- Rent: $8,000
- Salaries and wages: $12,000
- Equipment purchase: $5,000
- Club activities: $10,000
- Bank charges: $2,000
- Miscellaneous expenses: $3,000

Surplus/Deficit

The surplus for Sai Club for the year ended 31 December 2017 can be calculated as follows:

Total receipts - Total payments = Surplus/Deficit
$50,000 - $40,000 = $10,000 (surplus)

Cash and Bank Balances

The closing cash and bank balances of Sai Club as at 31 December 2017 can be calculated as follows:

Opening cash balance + Total receipts - Total payments = Closing cash balance

If the opening cash balance is not provided, it can be assumed to be zero.

Conclusion

The receipt and payment account is an important financial statement that helps organizations keep track of their cash inflows and outflows. By analyzing the account, organizations can determine their surplus/deficit for the period and plan their future financial activities accordingly.