Receipts and Payments Account Format
The Receipts and Payments Account is a summary of a club or society's Cash Book, recording all cash received and paid during the accounting period. It is prepared at the year-end to show the inflow and outflow of money together with the closing cash or bank balance. It serves as the basis for preparing the Income and Expenditure Account.
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Blank format
| Date | Particulars | RM | Date | Particulars | RM |
|---|---|---|---|---|---|
| Receipts (Dr) | Payments (Cr) | ||||
| xx | Balance b/d | XX | xx | xx (payment item) | XX |
| xx | xx (receipt item) | XX | xx | xx (payment item) | XX |
| xx | xx (receipt item) | XX | xx | Balance c/d | XX |
| XX | XX |
Lay it out as a T-account: the debit (left) side for Receipts and the credit (right) side for Payments. Begin the debit side with Balance b/d and close the credit side with Balance c/d; a three-line heading states the club's name, the account name, and the period 'for the year ended ...'.
Parts of the format
- Three-line heading
- First line the club's name, second line 'Receipts and Payments Account', and third line 'for the year ended ...'.
- Balance b/d (debit side)
- The cash or bank balance at the start of the year is entered as the first item on the debit side.
- Receipts side (Debit)
- All cash received, such as subscriptions and donations, is recorded here, whether revenue or capital in nature.
- Payments side (Credit)
- All cash paid out, such as rent and purchase of equipment, is recorded here.
- Balance c/d (credit side)
- The cash or bank balance at year-end is entered on the credit side to close the account.
- Totals of both sides
- The debit total must equal the credit total once Balance c/d is included, and is double-ruled.
Filled example
Kelab Sukan Sinar Harmoni had a cash balance of RM1,500 on 1 January 2024. During the year the club received members' subscriptions of RM4,800, donations of RM1,200 and dinner coupon sales of RM900, and paid hall rental RM2,000, sports equipment RM3,500, dinner expenses RM700 and stationery RM250.
| Date | Particulars | RM | Date | Particulars | RM |
|---|---|---|---|---|---|
| Receipts (Dr) | Payments (Cr) | ||||
| 1 Jan | Balance b/d | 1,500 | 31 Dec | Hall rental | 2,000 |
| 31 Dec | Members' subscriptions | 4,800 | 31 Dec | Purchase of sports equipment | 3,500 |
| 31 Dec | Donations | 1,200 | 31 Dec | Dinner expenses | 700 |
| 31 Dec | Dinner coupon sales | 900 | 31 Dec | Stationery | 250 |
| 31 Dec | Balance c/d | 1,950 | |||
| 8,400 | 8,400 |
Common layout errors
Related chapters and procedures
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