all the transition related to the actual receipt and payment of cash recerded
Answers
Answer:
yes, u r right....all the transition related to the actual receipt and payment of cash recorded......
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Answer:
A receipt and payment account is a summarized cash book. It records all cash transactions whether it is revenue nature or capital nature. The Receipt and Payment account has debit side to record all receipts and credit side to record all payments made by not for profit organisation during a year. It records all the receipts and payments during a year whether related to current year, previous year or next year.
Explanation :
There are two method of accounting i.e. cash system of accounting and accrual system of accounting.
Cash system of accounting is normally followed by the professionals in which revenue and expenses are recorded on the basis of cash payment or receipt irrespective of their accrual timings.
Accrual system of accounting is the method of accounting where expenses and incomes are recorded in books of account on their accruals irrespective of their payment status.
May this ans will help you.. I don't know more information and also confused. I
can't understand what you really want to.. Sorry....
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