Receipts and Payments Account: Features, Advantages, Limitations (2024)

Non-Profit Organizations

Receipts are nothing but the incoming of money or money equivalents. On the other hand, Payments refer to the disbursem*nt of cash or cash equivalents to another party. Both form an important part in the organizations, especially in the Not-for-Profit Organizations. It is because their whole accounting process revolves around this account. In this article, we look at various features, advantages, format, and question (with solution) of Receipts and Payments Account.

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Receipt Example

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Unlike normal organizations, Not-for-Profit organizations do not makeTrading and Profit and Loss Account. Instead, they make Income and Expenditure Account and Receipts and Payments Account.

Receipts and Payments Account is just like a Cash Account for them. It forms an important part of their accounting procedure since they have todeal with various donations throughout the year, which is mostly in cash.

Question:From the following particulars from Gupta and Sons, prepare a Receipt and Payment account for the year ending 31^stMarch 2020.