Question

prepare receipts and payment account​

Answer 1

A receipts and payments account is an asset account that is a representation of cash transactions [ones involving receipts and payments] during the financial period. The receipts are recorded on the debit side and the payments are recorded on the credit side. Like most accounts, it begins with the opening balance and ends with the closing balance of the year. It is usually prepared by NPOs [Non-profit Organizations]. The adjustments are usually not shown in such accounts as it is maintained on the cash basis of accounting.

As per the calculations shown below, cash at bank is ₹70,400.