Receipts and Payments Account

Accounting for Clubs and Societies

MS: Akaun Penerimaan dan Pembayaran · EN: Receipts and Payments Account · ZH: 收支账户

Meaning

The Receipts and Payments Account is a summary of all cash or bank receipts (money in) and payments (money out) during the accounting period. It opens with the opening cash balance and closes with the closing cash balance. It records all cash transactions regardless of whether they relate to the current year, past years or capital.

Example

For example, Bestari Art Club records membership subscriptions of RM3,000 and ticket sales of RM500 on the debit side, and a hall rental payment of RM800 on the credit side. The closing balance shows the cash available at year end.

Source: DSKP KSSM Prinsip Perakaunan Tingkatan 5

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