Question

Features of receipt and payment account

Answer 1

Answer:

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Features of Receipt and Payment account:

• This Account is a synopsis of cash book
• The cash receipts for the year are documented on its debit side (Dr). And, the payments made in cash for the year are recorded on the credit side (Cr)
• Usually, R and P Account depicts debit balance. If there is overdraft balance, its net balance might be credit
• We document only cash transactions in this account
• We incorporate receipts and payments in cash, they are of revenue and capital nature
• Non-cash items such as outstanding expenses, depreciation, accumulated incomes are shown in this account
• It’s closing balance depicts closing cash in hand and closing cash at the bank

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Answer 2

Answer:

This Account is a synopsis of cash book

The cash receipts for the year are documented on its debit side (Dr). And, the payments made in cash for the year are recorded on the credit side (Cr)

Usually, R and P Account depicts debit balance. If there is overdraft balance, its net balance might be credit

We document only cash transactions in this account

We incorporate receipts and payments in cash, they are of revenue and capital nature

Non-cash items such as outstanding expenses, depreciation, accumulated incomes are shown in this account

It’s closing balance depicts closing cash in hand and closing cash at the bank

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