Question

give the meaning of receipt and payment account

Answer 1

hey mate ,

   here is your answer :)

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"A receipt and payment account is a summarized cash book (cash and bank) for a given period". ... With the help of this account and some additional information, an income and expenditure account is prepared to disclose the true results of non-profit organizations.

Answer 2

receipt and payment account is a summarised cash book for a given
following are the features of receipt and payment account
1. it is ability to addition of cash book it is in effect
2. during the whole year and recording on its left hand that it is debit side while all the cash payments during the whole located on its side and that is a credit side arranged in a
3. cash and cash payment of both capital and revenue nature are recorded hair
4. it is not an account within the double entry system it is a statement
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