Question

explian Receipts and Payments Account​

Answer 1

Answer:

Receipt and payment account functions as a summary of cash payments and receipts of an organisation during an accounting period. ... It does not differentiate between the receipts and payments, whether they are of capital or revenue in nature and records all cash and bank transactions of both capital and revenue nature.

Answer 2

Answer:

Receipt and payment account functions as a summary of cash payments and receipts of an organisation during an accounting period. ... It does not differentiate between the receipts and payments, whether they are of capital or revenue in nature and records all cash and bank transactions of both capital and revenue nature