Question

Explain receipts and payments with their types?

Answer 1

Answer:

receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. All cash received and paid during the period, whether capital or revenue, is included in this account.

Explanation:

   Sales invoice.

   Purchase invoice.

   Travel invoice.

   Expense invoice.

   Journal.

   Salary.

   VAT summary.

   Tax Return for Self Assessed Taxes.