Donation for building should be posted in payment side or receipt side?
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Answer:
“A receipt and payment account is a summarized cash book for a given period”.”This is a summary of the cash transactions as in the cash book”. Non-profit organizations prepare receipt and payment account at the end of the year. With the help of this account and some additional information, we prepare income and expenditure account to disclose the true results of non-profit organizations
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Answer:
Receipt side
Explanation:
Donations for particular purpose shown in receipt side of receipt and payment account .
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