Question

Objectives of receipt and payment account

Answer 1

hey mate here is your answer:

objectives of receipt and payment account are :

• to keep proper control over the utilization of their fund .
• to facilitate preparation of financial statements at the end of the year.
• to facilitate comparison of the financial result with that of the budget .
• to arrive at the 'surplus' and 'deficit' at the end of the accounting year.

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