Question : Raj Kundra Cricket Club was inaugurated on 1st April, 2019. It had the following Receipts and Payments during the year ended 31st March 2020.
Opening balance of cash Rs 20,000 (overdraft).
Receipts: Admission fees Rs 20,000, Subscription Rs 1,20,000. Donation for Building Fund Rs 20,000. Sale of old newspaper Rs 1,000. Life membership fees Rs 50,000. Interest on Investment received Rs 2,500.
Payments: Salaries Rs 15,000, Rent paid Rs 25,000, Investment Rs 30,000. Stationery Rs 4,000. Books Rs 5,000.
Amount in Receipts and Payment Account for the year ended 31st March, 2020 __________.
Option 1: Rs 1,74,500
Option 2: Rs 1,34,500
Option 3: Rs 1,14,500
Option 4: Rs 1,01,500
Correct Answer: Rs 1,14,500
Solution : RECEIPTS AND PAYMENTS ACCOUNT
| Particulars | Rs. | Particulars | Rs. |
|
To Admission fees a/c
To Subscription A/c To Donation for Building Fund A/c By Sale of old newspaper A/c By Life membership fees A/c By Interest on investment received A/c |
20,000
1,20,000 20,000 1,000 50,000 2,500 |
By Balance b/d
By Salaries A/c By Rent paid A/c By Investment A/c By Stationery A/c By Books A/c By Balance c/d |
20,000
15,000 25,000 30,000 4,000 5,000 1,14,500 |
| 2,13,500 | 2,13,500 |
Hence, the correct option is 3.
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