List of top Accountancy Questions on Receipts & Payment Account asked in CUET (UG)

Steps in sequence in the preparation of Receipt and Payment Account will be:
1. Find out the difference between the total of debit side and the total of credit side
2. Show the total amounts of all receipts on debit side
3. Take the opening balance of cash in hand and bank and enter on the debit side
4. Show the total amounts of all payments on credit side
Choose the correct answer from the options given below:
Amount received from the sale of furniture Rs 7000. (Book value Rs 10,000). The amount to be shown in receipts and payments account will be :
If there appears a Tournament Fund, then the expenses incurred on Tournament activities will be shown :
Find out the cost of medicine consumed during 2020-21.
  • Payment to creditors of medicines: Rs 3,70,000
  • Creditors for medicines purchased:
    • On 1.04.2020: Rs 25,000
    • On 31.03.2021: Rs 17,000
  • Stock of Medicines:
    • On 1.04.2020: Rs 62,000
    • On 31.03.2021: Rs 54,000
  • Advance to suppliers:
    • On 1.04.2020: Rs 11,000
    • On 31.03.2021: Rs 18,000