Question

Is it necessary to draw a Balance Sheet with Receipts and Payments Account?​

Answer 1

"❤Answer❤"

Balance sheet of a non profit organisation can easily made from receipt and payment account because all most all the transactions of non profit organisation are in the form of cash. So, if we have previous year balance sheet and current year receipt and payment account, we can easily prepare balance sheet.

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Answer 2

Answer:

keep previous year balance sheet

Explanation:

First of you have to keep previous year balance sheet and current year receipt and payment account near to you. Both will be helpful for preparing balance sheet. In balance sheet, we show all the capital items which have been shown in the receipt and payment account and also bring previous year assets and liabilities.