Question

Opening Balance in Receipt and Payment Account represents______.​

Answer 1

Answer:

Payment Account represents cash in hand/cash at bank.

Explanation:

Payment Account represents cash in hand/cash at bank which is shown on its receipts side and the closing balance of this account represents cash in hand and bank balance as at the end of the year, which appear on the credit side of the Receipt and Payment Account.

Answer 2

Answer:

opening balance sheet in receipt and payment account represent the capital fund.